The Waterside scheme, being led by Kier Property, will deliver 408 new homes in a series of apartment blocks on a 1.4-hectare site by the recently rejuvenated River Colne.
Work on the Waterside scheme is now expected to start in mid-2019 and has a target completion date of 2021.
Waterside also includes a retirement village with a further 253 homes that will be delivered in partnership with Mayfield Villages, the retirement villages arm of Audley Group. A separate application for the Mayfield retirement village was approved by Watford Borough Council in April 2018.
Kier Property managing director (south) Pip Prongué said: “We are delighted that the Waterside scheme has been approved by the council. This marks another major milestone for the Riverwell project and shows significant progress as we continue with our plans for much needed homes, new jobs and regeneration in Watford.”