The developer will work with the council to redevelop shops, offices and flats in the centre of the town along Peach Street, Rose Street and Market Place, and Elms Field in Elms Road.
The next stage in the redevelopment project will be to produce more formal plans for these sites.
The council has previously said it believes work on the town could begin as early as next year.
A masterplan for the town centre was formally adopted earlier this year and sets out guidelines for what the goals of the regeneration should be.
Wilson Bowden alongside parent company Barratt recently won a £1bn contract to regenerate Basildon in Essex in a 20-year project.