Proposals by Conygar Investment Company include building new retail and leisure facilities on council-owned land at Llandudno Junction.
Features of the project include a new retail superstore, a petrol filling station, four new restaurant units, a new access road from the A55, landscaping and infrastructure works.
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Existing structures will also be demolished with preparatory earthworks carried out on the site.
Previously, Tesco has objected to the plan as one of its large stores is located close to the proposed development.
Robert Ware, Chief Executive of Conygar, said: "We are pleased that our planning application for the proposed retail and leisure development at Llandudno Junction has been approved by the planning committee.
"We look forward, in partnership with Conwy County Borough Council, to progressing this exciting development with the benefits it will bring in terms of employment and economic regeneration to Llandudno Junction and the county."
(LM/MH)
