Planning approval has been given to the estimated £130 million Albion Square development in the heart of the city centre.
The mixed-use development sought by Hull City Council will feature high-quality retail, housing, leisure and enhanced parking facilities set around an enclosed courtyard.
It is also intended to house a brand new ice arena.
The 1.7-hectare Albion Square development site encompasses the Edwin Davis Building, the former BHS and Co-Op building and the Albion Street car park.
The outline planning application, which was approved today, includes plans to retain the BHS Three Ships Mural, as well as two internal handmade Alan Boyson murals.
Councillor Daren Hale, portfolio holder for economic investment and regeneration, said: “The Albion Square development is a key site in the council’s long-term strategy for the city centre.
“Featuring high-quality and modern retail spaces, accommodation and leisure facilities, the development will have a massive impact on the city centre economy and other city centre businesses.
“The council has pushed, and continues to push, for investment and change in the city centre that can benefit our high streets and responds to the changing demands on city centres.
“We are delighted that the council’s vision for Hull could be realised – it’s a truly exciting time.”