A landmark rezoning of the Prospect Oval precinct has been approved, paving the way for a revitalised sporting, recreation and mixed-use hub in Adelaide's inner north.

The Prospect Lifestyle Precinct Code Amendment, initiated by the City of Prospect, has been approved by the Minister for Planning, allowing buildings within the Prospect Lifestyle Precinct on Main North Road in Prospect to rise to 12 storeys and unlocking around 500 homes.

Rezoning the 8.32-hectare site which encompasses Prospect Oval and underutilised commercial properties fronting Main North Road will enable higher-density and other mixed-use development along the Main North Road corridor.

The precinct could feature around 500 apartments and a significant expansion of community facilities alongside retail, food and beverage, commercial office, medical and wellness, and fitness facilities.