A report granting planning permission for the giant eye on the wall of Astoria, welcomed the proposal, saying it would make the area “more colourful, vibrant, and visually interesting”.
The planning application was submitted in June by My Dog Sighs, shortly before he announced the festival, which will take place over the weekend of September 9 and 10.
The application was needed because the Astoria building is Grade II-listed and was approved on Wednesday (August 23).
“The painted single eye is a vehicle for viewing and reflecting on the rich heritage and bright future of the city of Portsmouth,” he said of the mural.
“The eye stares out inviting viewers to take the time to look and see the proud city. Reflecting back is a vision of the vibrancy of youth and the entertainment area this part of the city is known for with theatres, libraries, venues and youth culture.”
The council said that the benefits of the artwork outweighed any harm to the listed building.
It is hoped that thousands of people will visit the city for the festival with about 100 artists expected to take part. Phlegm, The London Police, Hera, Kashink and Gary Stranger are among the big names already confirmed.
“Having spent the last 10 years painting at street art festivals around the world, I wanted to bring some of that excitement to my own city and create a festival that will entertain, inspire and rival some of the best street art destinations in the world,” he said.
“I’ve persuaded some of the worlds leading artists to come and create awe-inspiring works that will showcase the city as the creative hub it is and create a destination for art fans.
“We already have an incredible creative community in Portsmouth and the festival plans to give local artists the opportunity to work alongside and learn from established and leading contemporaries in the street art field.”
City councillors for the Charles Dickens ward have agreed to invest £10,000 from their Community Infrastructure Levy pot to help fund the festival. The council has agreed to match-fund this sum to help organisers secure a £30,000 grant from Arts Council England.
In July, the council’s cabinet member for housing, councillor Darren Sanders, approved a council policy to allow murals to be painted on its housing.