A major new development by the canal in Campbell Park has been given approval by councillors.
The proposals, which have been drawn up by Crest Nicholson Regeneration, comprise of more than 380 homes of various styles and sizes, a local convenience store, a café, a restaurant and a nursery.
Of the 383 residential units, 332 would be apartments with the remaining 51 units being built as houses.
The initial construction phase will build the central commercial, leisure and residential hub, with the first residents scheduled to move in during autumn 2019.
A planning application for another site to the east of the canal is due to be considered in October by councillors.
Plans for the second site include a pub, a 117-berth marina and the start of the proposed Bedford & Milton Keynes Waterway Park.
Councillors on the Development Control Committee gave their approval to the application last Thursday evening, with high hopes from developers that the second phase will follow suit in the autumn.
The application was being considered by the Development Control Committee because three public objections were received to the application.
Peter Cusdin, regeneration development director at Crest Nicholson, said: “The grant of planning consent for the Canalside development is an important step forward.
“This will be an exemplary new development providing apartments, houses and a range of amenities around a new public space overlooking the Grand Union Canal.”
The land itself is owned by Milton Keynes Development Partnership (MKDP), a company owned by Milton Keynes Council but with an independent board to promote the development of its land assets.
MKDP chief executive Charles Macdonald said: “We have worked closely with Crest Nicholson Regeneration over a long period to develop proposals that enhance the local area and bring new facilities which will add value to the whole city.
“We look forward to seeing work starting on site on this important scheme soon.”