Up to 1.45 million sq ft of manufacturing and distribution space will be developed on a 151-acre site near the M62 motorway.
The development is being led by Harworth Group, who took control of the former Kellingley Colliery site in 2016.
The company has spent the past 12 months carrying out site safety and security works, including demolishing redundant industrial structures, as well as 'masterplanning' Kellingley for future employment uses.
Work will now begin on preparing the land for redevelopment, with the site able to accommodate units ranging from 17,000 sq ft to 600,000 sq ft. Overall, the scheme could boost the local economy by to £200 million.
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Owen Michaelson, Chief Executive of Harworth Group, said: "We're delighted to have received the support of Selby District Council for our scheme that will make a significant contribution to Yorkshire's economy.
"We're fully committed to creating a first-class commercial centre that is likely to provide at least several hundred jobs in accordance with local planning policy, replacing the jobs lost when the Colliery closed its doors in 2015."
Selby District Council Leader, Mark Crane, said: "This is a key development site for our district and crucial for the delivery of our Economic Development Strategy. It has the potential to create significant new jobs and bring in a huge amount of new investment. It benefits from the things that make our district a great place to do business, including fantastic transport connections, affordable business space and being supported by a skilled local workforce; all located right at the heart of Yorkshire.
"We've been working as a team with Harworth and their advisors, North Yorkshire County Council and with Selby College to create the plan for the site, as part of our work to support growth and development which opens up new job opportunities and helps to make us a great place for business and a great place to live."
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