Outline planning permission has been granted for a new science campus in Swansea.
The Bay Science and Innovation Campus will be built on a 69-acre site off Fabian Way.
Supporters say it could create thousands of jobs and put more than £3bn into the regional economy over 10 years.
The Welsh Assembly Government recently pledged money to the £400m scheme to plug a capital funding gap.
Developer St. Modwen is working with BP, Swansea University and the Princes Foundation for the Built Environment to complete the new campus.
Rupert Joseland, South Wales Regional Director for St. Modwen said the company was pleased that planning permission had been granted:
“We are delighted with today’s decision to grant outline planning permission and, as owner and developer of the site, we will now work closely with the University and spend the next six months developing the detailed plans for the Bay Science and Innovation Campus.”
The first phase of the new science campus will cost £200m and include 2,800 student flats and associated retail space.