The announcement was by Infrastructure Minister John O'Dowd.
The application was considered by the Department as a reserved matter (RM) for the development of part of the key development site at the former Ebrington Barracks.
Minister O'Dowd said: "This is great news for the city and wider region.
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"This approval is an important scheme which will continue the physical, economic and social regeneration of Ebrington Square, a key development site within the city. It will also create a new tourist attraction that will tell the story of Derry’s maritime history and be a welcome addition alongside the other recent developments in the Square, such as the Ebrington Hotel.
"I believe the proposal also secures the viable and long term beneficial reuse of a number of listed buildings, which will make a positive contribution to the surrounding townscape, be sensitive to the listed building interest in terms of design, scale and use of materials and serve to enliven Ebrington Square."
