They estimate the scheme will see £400m invested in creating new shops and restaurants, a new cinema on top of a refurbished multi-storey car park and 400 flats in surrounding buildings.
The Eden Walk Shopping Centre was built in the 1960s, and is currently home to a multi-storey car park, 28 retailers and cafés, and office space but is in long-term decline.
It is hoped the new scheme will breathe new life into the town centre, helping to counteract the pull of Westfield in Hammersmith, the West End in London and Guildford.
New buildings will vary in height from five-storeys to ten and one taller building of 16 storeys.
Nearly 700 construction jobs will be sustained during construction, supported by a training, skills and apprenticeship programme.