Dublin City Council has rubber stamped plans to build 2000 homes and develop 34 hectares of vacant land in Ballymun.
It's predicted the town will eventually be home to 30,000 people.
Planners want a bigger mix of social and private housing which is seen as key to attracting more shops and businesses to set up in Ballymun.
At the moment homeowners and renters make up just over 40% of the population.
The Local Area Plan says the historically large amounts of low-income households with restricted budgets has made it "difficult to attract new commercial activity."
The regeneration of Ballymun began in 1997 but the last tower block only came down in 2015
The city council wants to prioritise the development of a new Ballymun Shopping Centre after the old complex was bought in 2014.
Local Sinn Fein rep Noeleen Reilly has told 98FM News Lidl has signed contracts to set up in the area and a number of other retail units will be coming with it.
Ballymun Kickhams, along with a number of other sports clubs, have been allocated their own plots of land as part of the strategy.
The LAP includes a vision of community and recreational spaces and says funding will be needed to improve roads, sewerage and public transport links.
It also sees the construction of Metro North as an essential component to the regeneration of the suburb.
However, all of this is contingent on getting the relevant funding for the various projects.
Councillor Reilly says Ballymun residents can't help but remember promises were made in the first regeneration phase that never came to fruition.
However she says there is a renewed sense of optimism and confidence since the announcement that Lidl was to open a supermarket in the town.