The plan was devised by architect and urban designer Halpern Partnership. Apart from Ocean Point, it includes a 1.2 ha park, a seafront hotel, shops, cafes, a health club and a promenade.
The key to assembling the site was held by Mapa Spontex UK, a sponge manufacturer that owns 7.1 ha of it. The other 2.2 ha is owned by Swansea council.
Councillors this week accepted Mapa Spontex's recommendation on the choice of developer, which is also called Swansea Point.
Property agent for the scheme, Alder King, said it expected to see a contract for the sale of the site exchanged next month, and a planning application to be made by September.
Councillor Bryan Owen said: "With water frontages on two sides and spectacular views, Swansea Point is an important strategic site for the city. The scheme has great potential to create a landmark development for the future."
A spokesperson for the developer said that it had received interest from a number of housebuilders, but added that discussions were at an early stage.