North Lanarkshire Council has given planning permission for the former Ravenscraig site to be transformed into a £1billion new town.
Once developed, the new site is expected to generate 12,000 new jobs, 3500 new homes, along with schools, a leisure centre, transport links and a shopping centre.
Councillor Jim McCabe, leader of North Lanarkshire Council said: "This is an economic regeneration project of national importance and work must press ahead to deliver the range of economic benefits that will be felt across Lanarkshire and the west of Scotland."