The application is for a patch of land off Court Street, inside a large old stone wall called the Bawn Wall.
It is for 108 homes - 62 of them detatches and semis, and 46 two-bedroom apartments.
The idea is the estate would be accessed by car from the roundabout next to Burger King and Tesco petrol station.
An official planning report earlier in the year recommended that it be approved.
The planning official wrote: “The proposal will not damage the quality of the local area and will respect the surrounding context.
“The site is within the settlement limit and town centre of Newtownards where the character of the area is mixed use with commercial, industrial and residential properties.
“The site is also previously developed land and is currently vacant and derelict.
“It is considered that the proposed development will improve the quality of the area by bringing a derelict site into use and retaining and restoring the Bawn Wall surrounding the site which adds to the distinct local character of the area.”
Permission has now been granted.
Just to the north of that, another planning application is in for vacant land which was previously warehouses, where another 31 dwellings are planned.
This is currently under consideration.
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