The estate regeneration scheme drawn up by a joint venture between Balfour Beatty and Pinnacle housing association for Woking Borough Council involve eventually demolishing 576 existing homes to make way for a modern estate.
Phase one of the four phase scheme is expected to get underway later next year and consists of nearly 100 new homes and a leisure centre.
Cllr David Bittleston, Woking Borough Councils Portfolio Holder for Strategic Housing Development, said: “With planning committee approval it will now be for the council to have the final say on whether or not to progress with the regeneration scheme.
“It is my hope that we will be able to approve suitable implementation arrangements before Christmas 2016 and be able to start work improving the area by Autumn 2017 with the early implementation of new community leisure facilities at Bishop David Brown School.”
He added: “The new housing stock, roads, community and leisure facilities will all ensure the area is a sustainable and desirable place to live for years to come.”