The £200 million mixed-use project will link the city’s two main residential quarters - until now separated by train tracks.
The site is home to a railway station, which will be demolished. A new bus terminal and railway station will be built.
Construction work will start this summer. The project is expected to be completed by the end of 2009.
The site will house 65,000 sq m of retail space, a 60 m-high residential tower and a 100 m-high commercial tower.