Urban&Civic has received outline planning permission for the first phase of their development on 6.4 acres of land at the heart of the city.
Enabling works continue on the leisure-led mixed use scheme, and strong demand from occupiers means construction on the first phase remains on track to start in 2018.
A multiplex cinema, 50,000 square feet of additional leisure space, new restaurants covering 40,000 square feet, a 100-plus bed hotel, and a multi-storey car park are lined up for phase one.
Phase two will deliver new city centre homes and additional retail and leisure space.
Councillor John Reynolds, Cabinet Member for City Economy, said: “This is going to be a big year for regeneration in the city with the Westside project leading the way.
“The scheme has already attracted unprecedented demand from occupiers and being granted outline planning approval means the finer details can be agreed in terms of occupier expectations.
“Urban&Civic possess an excellent track record in delivering comparable high-quality schemes in the UK and have the financial support in place.
“There is a general enthusiasm around the Westside opportunity, and optimism concerning the groundswell of regeneration activity across the city, where £3.7 billion of investment is on site or in the pipeline.
“The outstanding proposals put forward by Urban&Civic perfectly meet our expectations of a regenerated Wolverhampton.”
Construction on phase one of the project is expected to be complete in 2020. It encompasses land between Penn Road Island and Salop Street, including the current School Street and Peel Street car parks and the area around Market Square.
Phase two incorporates parts of land between Salop Street and Darlington Street, including the Fold Street car park. Works on this section of the development are likely to be completed in 2022.
Philip Leech, Property Director for Urban&Civic, said: “We are delighted to have reached this important milestone in the delivery of Westside.
“We have had an exceptional level of interest from occupiers and look forward to starting construction this year.”
Photo: Artist’s impression of the Urban&Civic Westside development at night