Swift, the UK's biggest manufacturer of touring caravans and motorhomes, owns the site which was previously used to manufacture and store caravans.
According to a report to councillors, the sale of the site is expected to raise £6.65m which will finance the construction of new highway improvements and "crucial" expansion of commercial activities.
Hull Council is also backing the development due to its "essential role in securing the expansion of the existing company".
Officers have recommended approval, saying that while the development is relatively high density and on the outskirts of Cottingham, it has a "relatively high quality design" and contains a large area of open space.
Swift is the only company in Europe to manufacture touring caravans, motor homes and holiday homes and the group recently signed a £30m financing agreement with GE Capital to help fund its increase in sales.
The firm cut more than 300 jobs during the downturn but during the past year has added about 200 bringing the workforce back up to 900.
Swift's recovery is reported to have come about as a result of the increasing popularity of holidaying in UK and the weakness of sterling and expects to see sales return to about £200m this year.
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