The development at the 600-acre former Corus' steelworks site at Llanwern will comprise housing, office and industrial space, public open space and a range of community facilities.
 
Construction of the scheme and on-site employment space will generate approximately 6,000 new jobs.
 
The project is expected to take 20 years to complete.
 
Redevelopment of this site, which lies just three miles east of Newport and close to the M4 Motorway, has been recognised as one of the main regeneration opportunities in Wales.