Permission has been granted for Cherrywood Town Centre in south Dublin, billed as the biggest single urban development in the country.
International property company Hines said construction was expected to start towards the end of the year for the development.
The project will include 1,269 build-to-rent apartments. The 15-block town centre will also contain shopping and hospitality facilities.
The development company said it will provide housing for 3,000 people, office accommodation for 2,300 and employment for 2,500 retail and leisure workers.
The plans were given the go ahead by Dún Laoghaire-Rathdown Council as part of a Strategic Development Zone, which means it cannot be appealed to An Bord Pleanála.
In a statement local Solidarity-People Before Profit TD Richard Boyd Barrett said the new housing will be "useless" unless the Government ensures that homes are provided to those on middle or low incomes.
He added: "It is outrageous that Hines got this site at a large discount from NAMA, has received €15 million in Government funding from LIHAF [Local Infrastructure Housing Activation Fund], but will be allowed rent and sell these units at totally unaffordable levels."