The multibillion-dollar Queen’s Wharf development in the city will move from demolition to construction after its development application was given the green light on Thursday.

The 27.3-hectare site, which includes parts of the Brisbane River riverbank and heritage sites, will be transformed into a resort and residential area, including a pedestrian-only bridge connecting the precinct to South Bank.

The proposed Queen's Wharf development.

Economic Development Queensland approved the application after it was released to the public for comment in September.

More than 200 submissions were received, with more than 75 per cent concerned about the existing Bicentennial Bikeway and interactions between cyclists and other users in the space.