The authority also approved proposals for a new fish processing facility, associated infrastructure and new road access at Ardyne Point.
The plans were designed by Ardyne Estates.
A total of £19m is to be invested in construction of a disused brownfield site.
It is understood once the site becomes operational, it will support 150 jobs directly, 180 indirectly and add over £7m to the regions economy.
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Councillor David Kinniburgh, chair of the council's planning committee, said: "We wholeheartedly support this development; it will be a great boost to the economy of South Cowal in particular and Argyll and Bute in general. A particularly important feature is the masterplan which identifies potential future developments in the wider Ardyne Point area.
"The plan is flexible but includes areas for tourism, business, leisure, housing, marine and aquaculture developments.
"This site can now be developed in a sensible and sustainable way, benefiting both developers and the wider community."
Councillor Aileen Morton added: "The council has worked closely with Ardyne Estates as they have developed their proposals and we are delighted the project now has the go-ahead.
"We look forward to working with the estate on their future proposals now that a strategic framework is in place to enable the type of job-creating developments that we all want to see."
(LM/CD)
