Developer Braidwater Group said that work is to start on the Glenmona scheme "as soon as possible" after the planning committee of the council gave their application the thumbs-up last night.
The application is one of the biggest ever received by Belfast City Council.
The Braidwater Group, which is based in Londonderry, said their aim was to create a new urban village.There will be 549 units of social housing and 104 affordable homes, as well as a community centre with a pitch, two care homes, a retail centre, hotel, office and business space and children's play areas.
Apex Housing Association is to manage the social rented accommodation and provide the affordable homes.
Glenmona will be on undeveloped land at Glen Road towards the Upper Springfield Road.
The Braidwater Group said: "We are delighted that Belfast City Council has approved the plans for more than 650 social and affordable homes at the Glenmona site.
"This project will provide much needed residential accommodation and community space in the area."
The Braidwater Group added: "This is a crucial time for the construction industry, which is facing pressures from the pandemic and Brexit uncertainty.
"This approval will serve to provide hundreds of jobs for the local construction industry and the 'Buy Social' programme at Glenmona will ensure that job opportunities will be offered to apprentices, long-term unemployed, education leavers and professional trainees.
"We have also focused on sustainability, biodiversity and environmental factors, with plans to retain existing and plant over 10,000 new native species trees, adding to the wooded character that will last into the future.
"We are now looking forward to starting on site as soon as possible."
The group has even bigger-scale plans for a £450m development of more than 3,000 new social and private homes built on a 250-acre site in Coshquin, Londonderry.
Braidwater added that its application was particularly notable "because it was entirely paperless throughout the process with the application and supporting documents submitted to the council digitally during the initial lockdown period".
Credit: Belfast Telegraph