The plan from developer Barratt Wilson Bowden for one of the biggest regeneration projects in the country was described by the council planning meeting as “really ambitious, but realistic and commercially viable”.
The masterplan sets plans to build a new multiscreen cinema, restaurants and bars, as well as a new market and a college over the next five years.
Over the longer 20-year plan up to 2,000 homes will be built, including scope for an extension to the Towngate Theatre, a new bus station and commercial space.
David Eardley, divisional managing director at Barratt Wilson Bowden, said: “It’s great to see the masterplan progressing. The regeneration has already begun with the Acacia Park development which will help to fund the next phases of town centre and park improvements, and an application for a new town centre college has been submitted.
“This is an extremely exciting project to be involved with, and we are looking forward to working with the council and other partners to really transform Basildon town centre.”