The Irish commercial property developer has been the given the go-ahead on behalf of Real Estate Opportunities (REO) to work on a project worth £725 million.
Although funding is yet to be secured, the company hopes that construction work will begin in 2010 and create 2,000 jobs as part of a boost to the flagging property sector.
Niall Kavanagh, director of development at Treasury Holdings, REO's main shareholder, said: "In terms of scale and area, this is probably the largest planning permission (of its kind) ever granted in Ireland."
A development spread across 255,000 square metres is planned at the Ballymum site, close to Dublin airport.
If the endeavour runs according to plan, commercial property for use in retail, offices and apartments as well as a number of leisure and civic amenities will be included in the project.
The first Ikea store in the Republic of Ireland was built near Ballymum earlier in the year.
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