The 16 railway arches in Courtenay Place, next to the St James Street Overground station, will be turned into a series of shops, cafes and restaurants.
The proposals describe a series of ‘glazed’ shopfronts with new art projects, signage and lighting.
One of the middle arches would be turned into an accessible toilet.
It was first proposed last year and forms part of Waltham Forest Council’s wider Walthamstow Culture for All project.
It will be paid for using the dedicated £17m Levelling Up funding given to the council in January 2023.
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The proposals were approved at a planning committee meeting on Tuesday, March 4, where it faced little scrutiny from councillors.
Labour councillor Jenny Gray said it was a “really good idea” and one that would “bring life to a dead area”.
Committee chair Andrew Dixon said he echoed her thoughts.
A decision on the plans was reached after around 13 minutes, with all five councillors voting to approve them.
The council held a public consultation last July and received three objections to the plans.
One resident said it would block their view, though the council argues the structure will remain “largely the same” and there would be no adverse impact.
Others said they wanted to know more about the types of business that would move in, but no specific shops have been identified.
As part of its regeneration of the town centre, the council hopes to turn Courtenay Place, which connects St James Street station and Walthamstow High Street, into a “green link” with a new pocket park.
Julia Feix and Tarek Merlin, from architecture firm Feix&Merlin, previously said: “We love to work on this kind of community regeneration project, and we saw a strong and pioneering vision from the council team at Waltham Forest.
“A shared aim to take what is a slightly forgotten backland space and transform this into a new exciting and activated place, forging connections back into the lively high street and St James Street station.”
Renovating the archways would also mean removing the “unfriendly” security fencing and overgrown shrubs, the council says.
Similar schemes have been successfully launched across London, including in nearby Leyton Midland Road.
The units beneath the Suffragette Line include a ‘hotpod’ yoga studio, a smokehouse and several metalworks.
