Plans for a £100m marina development with new homes, cinema, hotel and possibly a casino in Pembrokeshire have been unanimously backed by planners.
The scheme is named after Pembroke Dock's Martello Tower
Council leaders said the go-ahead for the Martello Quays scheme was a "red letter day" for Pembroke Dock.
It is expected to create hundreds of new jobs and generate over £10m annually for the town's economy.
Conservationists raised fears it may damage wildlife habitats but developers said they would protect the area.
The development will create a marina with pontoons for up to 260 berths along with 146 houses and 304 apartments.
The site, opposite Neyland on the Cleddau Estuary between Hobbs Point and the ferry terminal to Ireland, will also house a hotel, multi-screen cinema, gallery, pub and restaurants.
Pembrokeshire Council leader John Davies said: "It's extremely good news for Pembrokeshire and Pembroke Dock.
"It is £100m of private investment that will bring a great lift to the economy and well being of Pembroke Dock.
"It's the beginning of exciting times - a red letter day - for maritime facilities in Pembrokeshire."
Councillor Davies said he expected regeneration projects at other coastal towns in the county would follow.
"This is just the tip of the iceberg," he added.
The Royal Society for the Protection of Birds had written to Pembrokeshire Council's planning committee objecting to the development.
It said the loss of mudflats and eelgrass beds could affect otters and wading birds.
But the Countryside Council for Wales said the measures proposed by the developers would protect the estuary.
The plans were also opposed by 63 people in the county on the grounds it would increase traffic, block the views of some existing properties and was too large in scale and density.
The development, first unveiled in 2004, is named after the nearby Martello Tower built to defend the town in Napoleonic times.