The country's largest private landlord, Ires Reit, has received the go-ahead by An Bord Pleanála to built 428 new units at Rockbrook in Sandyford, Dublin 18.
The permission was granted through the Strategic Housing Development (SHD) planning process.
The development will be made up of two apartment blocks containing 32 studio apartments, 122 one-bedroom apartments, 251 two-bedroom apartments, and 23 three-bedroom apartments.
In addition, there will be a crèche, four retail units, and a communal space for residents.
Margaret Sweeney, chief executive of Ires, said: "The receipt of planning permission for the development of our site at Rockbrook in Sandyford, Dublin 18 was a key strategic objective for our growth strategy."
"We engaged in a detailed pre-submission process to ensure that the application met all of the requirements for a Strategic Housing Development including extensive engagement with Dún Laoghaire-Rathdown County Council to understand its priorities and objectives for the locality."
Following this approval, Ires now has planning permission for a total of 628 units on its existing sites.
Introduced in 2017, the SHD arrangements will apply until the end of this year.
The scheme aims to fast-track planning applications of 100 or more housing units, or student accommodation of 200 or more bed spaces, by bypassing local authorities and having applications made directly to An Bord Pleanála .
There is a possibility of extending the scheme to the end of 2021, subject to a review of the operation and effectiveness of the measures.