It compares with earlier plans for two towers of up to 27 storeys,a 17-storey hotel and conference centre and an eight-storey commercial building.
However,the difference in metres of the maximum allowable height of the tallest building compared with earlier plans will only be about eight metres.
Planning Minister Rob Stokes said good planning was all about striking the right balance,and a train station in Crows Nest had created the opportunity to concentrate growth near public transport and close to major centres in St Leonards,North Sydney and Sydney's CBD.
"While I understand that some current Crows Nest residents won't be happy about growth,this proposal has improved considerably,"said Mr Stokes,who approved the concept plans.
"Residents were concerned about overdevelopment,and for more focus on providing more jobs than more homes. In response,the building envelope has been reduced,jobs capacity doubled and the number of new homes halved."