Plans for the redevelopment of Filton Airfield, near Bristol, have been approved by South Gloucestershire council.
The proposed redevelopment of the 353-acre site owned by BAE Systems includes 2,675 homes, employment space, retail and leisure facilities, a hotel, a school, sports facilities and a supermarket.
Plans were submitted by Alder King last October, and the new development is expected to create up to 9,000 jobs.
Additional proposals for the site include two museums for the Bristol Aero Collection Trust, one of which will house Concorde 216.
The site is currently being marketed for sale for an estimated £70m.
John Benson, partner at Alder King, said: “With the permission given today, this unlocks vital new employment, community facilities and housing.
“The development will bring thousands of new jobs and make important contributions to transport improvements in the area.”
The Filton Airfield development – along with others in the area – will be making a £60m contribution towards improving local roads and transport. Space will also be provided for a new railway station, which would be part of the proposed Henbury Loop line.