Compulsory land purchase given the go-ahead
The East Bank Urban Village will see up to 850 homes and a promenade built on the eastern bank of the river.
Hull City Council owns about half the land set aside for the project and is seeking ownership of the rest.
The council's cabinet has authorised the use of a compulsory purchase order (CPO) if an agreement with landowners cannot be reached.
Some of the land is privately owned and some belongs to Homes England.
According to the Local Democracy Reporting Service, the cabinet has also consented to the start of early site work.
The money will come from the government's Levelling Up Fund.
Paul Drake-Davis, portfolio holder for regeneration and housing, said he was "very happy to get the ball rolling" and added that it would be "one of the biggest transformation schemes in Hull's history".
Council leader Mike Ross said the development would help Hull reach the new housing targets set by the government.
Earlier this month, the council set out its plans to sign a 15-year deal with ECF – a partnership between Muse, Legal & General and Homes England – to be the lead developer for the project.
ECF chair Sir Michael Lyons said: "East Bank Urban Village is an ambitious plan to deliver a dynamic and vibrant new neighbourhood.
"We'll work closely with communities as we progress to ensure the benefits of regeneration are felt at every level."
Listen to highlights from Hull and East Yorkshire on BBC Sounds, watch the latest episode of Look North or tell us about a story you think we should be covering here.
Partner chosen for River Hull regeneration project
Archaeologists start dig on city's east bank
Extra £17m needed for city centre redevelopment
Hull City Council
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