Cork City Council has granted planning permission for a €50m redevelopment scheme around the old Capitol cinema.
The project will provide work for 200 people during the construction phase of the retail and office development, and a further 450 new jobs once completed.
Colliers International, one of the world's largest commercial real estate firms, has described the project as "a game changer" for Cork city centre.
The landmark Capitol site has frontage to both St Patrick's Street and the Grand Parade.
The site has been derelict for over a decade.
Planners have now been given the go ahead for the 85,000 sq metre development, which will have three floors of shops, employing up to 100 people.
Two additional floors will be dedicated to offices, with space for around 350 workers.
Construction is expected to get under way before the end of the year.
It is envisaged that the Capitol will be open for business at the beginning of 2017.
