Liverpool City Council’s planning committee this week granted permission for the scheme on a 3.4 hectare site by Great George Street Developments.
The scheme would see the construction of 466 apartments and 37 townhouses, 6,280 square metres of commercial space, a 6,074 square metres hotel and 4,183 square metres of office space.
A report by planning officers said: "The proposed development would lead to the comprehensive regeneration of a long-term derelict urban brownfield site and in doing so repair the void in the urban form.
"The development would introduce a more appropriate scale and provide commercial frontages and areas of public realm which would create a more attractive local environment."
The report said the development would cause limited harm to the nearby grade II listed Wedding House building, but this was outweighed by the benefits of the scheme including the creation of employment and new public space.
The application site is allocated as a primarily residential area in the Liverpool unitary development plan (UDP), officers said.
A separate application for the creation of 105 homes plus a six-storey building providing 63 student flats on Falkner Street was also given the go ahead at the meeting.
The scheme, by Falkner Street Developments, was also supported by the UDP, which identifies it as being within a primarily residential area, officers said.
A third approved application proposes 90 apartments, 260 hotel rooms and a commercial unit built on a 0.34 hectare site on junction of Liver Street and Park Lane.
The scheme, by Quarrymen Investment Holdings, would have a less than substantial impact on views from the city’s Royal Albert Dock, a planning report advised.
Officers said that although the scheme breached guidance about tall buildings in the city’s World Heritage Site buffer zone, this was outweighed by the benefits of the scheme, which included bringing a long-term vacant site back into use.
A fourth approved application, for a site on Gildart Street, would see an eight storey student block providing 53 rooms, built by developer Gildart Street Ltd.
Last month, plans for remediation of the 36-hectare council-owned Festival Gardens site in Liverpool were submitted to the authority, cutting the proposed number of homes from 2,500 to 1,500.