The first stage of the University of Newcastle's inner-city campus will be fast-tracked as part of a state government program designed to revitalise the state's economy.
It is one of 24 projects across the state that have been selected for acceleration.
Work on the Honeysuckle site began in February.
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"The university plays an important role in the regional economy and this project will strengthen the university's presence in the Newcastle CBD, providing an investment of more than $23 million and 785 jobs to the Hunter region," Property Council Hunter Regional director Anita Hugo said.
The fast-tracked projects will provide nearly 9500 jobs, $7.5 billion worth of investment and 4400 new dwellings.
Ms Hugo said it was critical that the first 24 projects were followed as soon as possible by the next tranche of projects. The Property Council was advocating for the inclusion of more Hunter projects.
"We'll be pushing for those projects across the Hunter that can deliver on the government's objectives of delivering jobs and public benefit," she said.
"The criteria the government has chosen to judge projects against - the number of jobs created, timeframe for delivery and public benefit - seem to be the right ones if they are applied appropriately.
"Jobs are the number one priority - projects that have the potential to increase jobs as well as providing significant economic value and the delivery of housing supply and infrastructure should continue to be a key focus for the government over the coming months."
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