In spring, construction will begin on a £500m project that aims to completely transform the area around Dumballs Road in central Cardiff.

Cardiff City Council has backed the plans of the development firm Bellerophon Partnerships Limited (BPL) and Linc-Cymry Housing Association Limited, which will see the area regenerated to include 2,150 homes close to the River Taff.

The site will be mixed-use and will also contain new primary schools, shops and restaurants.

BPL Chief Executive Richard Daley said: “This is an historic day for Cardiff.

“Dumballs Road is the only area of land in the city centre that remains in dire need of regenerating and has been a blight on the landscape for far too long.

“The £500 million Cardiff Embankment regeneration programme, which is in the heart of the city’s Enterprise Zone, will deliver major economic stimulus and create thousands of jobs, both in the construction phase and longer-term.”

The Leader of Cardiff City Council said: “This is an ambitious, high quality scheme, and a significant achievement by both parties to get it off the ground without public sector funding.”