The Government has rubber-stamped the re-development of the Grangegorman site in Dublin today.
Phase one has a cost of €486m and will provide some 450 construction jobs with a lifespan of about ten years.
But hundreds more jobs are also likely in commercial and recreational activity that will develop around the area.
The plans include a consolidated campus for the Dublin Institute of Technology, which is currently spread over dozens of locations around the capital.
Tánaiste and Minister for Education Mary Coughlan has said it is widely welcomed by the student community.