The 6,000-capacity concert and conference venue proposal from construction company Bam was given the approval by City Hall planners this week.
However, their decision could be appealed to An Bord Pleanála, which could further delay the project by a number of months.
The revised proposal was granted planning permission by the council subject to 48 conditions.
It means construction can commence on the long-stalled project, provided there is no appeal of the decision within the next four weeks.
Bam themselves or any party who made a submission or objection to the application have the right to appeal the Council’s decision.
An Bord Pleanála has an objective to decide any appeal within 18 weeks. However, this can often take longer, particularly with large developments.
Last August, Bam had lodged fresh plans for an events centre, revising the plans that were in place since 2012.
In October, planners asked them to modify their new proposal as they had a “serious concerns” about the extent of “dead frontage” arising from the lack of live uses on South Main St.
In July of this year, Bam revised their proposal, as requested, and included a ticket office on the southern side of the building and street-level LED screens amongst other changes.
It was expected that decision from planners in City Hall would be made during the summer, but they made another request at the end of July asking Bam to supply a Natura Impact Statement (NIS) assessing what impact the development could have on conservation areas in Cork Harbour.
Bam supplied the required NIS at the end of August, and City Hall has now granted permission for the development.
The state is pledging €30m towards the €80m+ events centre project, which is seen as a key element of Cork’s future economy attracting major concerts and conferences to the city.