The development is expected to bring 950 new homes to the region, as well as a new primary school, a hotel, shops and a roundabout to join the A148 ring road, and will change the face of the city.
On Friday it was formally approved by North Norfolk District Council after a £ 7million contribution to the community was rejected.
While many have welcomed the plans, there is some hesitation over some elements of the development.
Richard Crook, President of Active Fakenham, said: “In principle, the expansion of the city is a good thing.
“People need a place to live, and Fakenham has a lot to offer. Increasing the size of the city could improve facilities and open up new opportunities for everyone… It seems to be of vital importance that the necessary infrastructure and support services are installed in good time.
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“My concerns are: Will schools, health services and other vital infrastructure and utilities be properly funded and thought through before construction begins? “
Heather De Lyon, a resident of Fakenham, said: “People need to live somewhere and we have built a lot less new homes in recent years than in the past despite the increase in population.
“My concern is how affordable they will be for the locals and what percentage will become second homes? “
She added: “I am also concerned about the impact on travel safety. The ring road is now a sort of summer nightmare with accidents and near misses. Access to new housing must be taken into account very much.
Fakenham City Council has said it will support the new residents that the development will bring to the town.
“Our city has a long history of adapting to the times,” said a spokesperson.
“Whether it’s through the development of new farming practices, the engineering inventions of John Cousins Garrood, the arrival and sad departure of printers Cox and Wyman, we are well used to change.
“Fakenham is also well placed geographically to accommodate additional homes and facilities. If you look at a map of the area, we sit in the center of a semi-circular coastline and the city is equidistant between Norwich and Kings Lynn.
“This makes Fakenham ideally positioned for easy access to coastal and inland destinations.
“The arrival of all these new homes will mean thousands of residents and additional jobs, both in the short term during the construction of the development, but also in the longer term.
“This must be good news for stores and businesses in Fakenham.
“As a city council, we will do everything possible to welcome residents to the city and all of its amenities. “