Planning permission has been granted for a scheme to regenerate the derelict site of the former Halls sweet factory in Bury.
The Dumers Lane site near Radcliffe town centre is owned by Property Alliance Group.
Plans include 239 new homes, a park and 36,597 sq ft of commercial space.
The project is expected to lead to the creation of up to 100 permanent jobs.
Planning and design consultancy Barton Willmore secured the resolution to grant planning permission from Bury Council Planning Committee.
Vincent Ryan, associate in Barton Willmore's Manchester office, said: "This is an important scheme that will lead to the regeneration of a long-vacant and contaminated industrial site in a residential area.
"Bury Council recognised that development for wholly employment purposes would not be viable and we have agreed on a proposal that will deliver much-needed housing,
including affordable homes, as well as new jobs."
The location has a chequered history, with complaints from local residents of the former toffee factory being a magnet for crime and anti-social behaviour since it closed in 2006.
Last month the council approved plans for a 4,305 sq ft convenience store on the site and 14 homes on an adjacent site.
Property Alliance Group will develop the site's commercial space.
Bellway Homes will develop the first phase of residential properties and Persimmon Homes the second.
The development includes work to raise the land and widen the river corridor to take it out of the flood plain and create a new wildlife habitat along the riverside park.
Property Alliance Group director Lee Charnley said: "This is great news for the community.
"Our aim all along was to come up with a viable scheme that would bring this site back to life and now a long-derelict factory is going to be replaced with a thriving new community."