The development will be on the site of the Pier Pavilion, which has remained derelict since the Victorian building was destroyed by fire in 1994.
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It will consist of one-, two- and three-bedroom apartments, two large restaurants and 83 secure underground car parking spaces.
Work is expected to commence on the site in 2019.
Previous local schemes by Quay Developments include the Deganwy Quay, which consisted of a 175-berth marina, a 74-bed, four-star hotel and 74 properties, including apartments, town houses and detached houses.