Developer Peel Holdings now hopes to begin construction in 2012, although this depends on the economy picking up and outside funding secured.
Wirral Waters in one of the biggest regeneration projects in the UK. It plans to transform Birkenhead docklands and the surrounding area from a deprived, under-used area to a mixed-use, high density district of 15,000 new homes as well as high rise offices.
A sister scheme, Liverpool Waters was submitted as an outline planning application in October for more than 14 million square feet of mixed use floor space on 150 acres at a cost of £5.5bn.
The two schemes together, called Peel Waters, are intended to build a new gateway to the northwest across the River Mersey.
Peel has been courting China for investment, sponsoring the Liverpool pavilion at the 2010 World Expo in Shanghai in October.
Wirral council leader Jeff Green said that the project will create many thousands of jobs over 10-15 years.“ It is a landmark day for Wirral and is tremendous news,” he said.