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The council has approved plans to build 568 apartments and a 135-bedroom hotel on the six-acre site, subject to 28 conditions including a requirement that he pay €17m in development levies before construction work begins.
Mr Dunne bought the site at the height of the boom for €379m, a record price for land in Ireland.
Previous plans, which included a 37-storey tower, were thrown out after stiff local opposition, and it is likely that this decision will also be appealed.
The new scheme includes a dozen buildings including a 15-storey tower, with shops, restaurants, bars, healthcare facilities and a creche.