The 20-hectare Kodak site in North Coburg, purchased by Urbex in late 2006, will be developed into a residential village.
The $300 million Chirnside Park golf course, and a Ubertas residential project in st Kilda Road, has also been approved.
The biggest project called in by the government however, is the $40 million Avalon Airport redevelopment, near Geelong, which will become Melbourne’s second international airport.
"At the moment, we have a significant backlog of projects that need to be dealt with quickly, Mr Madden told the Australian Financial Review. "We’ve seen enormous growth in the building industry in recent times but that is falling away because of the world economic uncertainty. We want to see these projects delivered as quickly as possible."