The scheme includes 485,000 sq ft of new retail and leisure space, and will see an area along the River Witham developed.
There are also plans for a new hotel, accommodation for 1,100 students, and 150 homes.
Standard Life Investments, the owners of St Marks, that he was confident the significant investment planned would improve the gateway to the city centre.”
The next steps for the project will include developing detailed designs and a timeline for delivery.
Once these and other key milestones have been achieved, work could potentially begin in 2020 with the full scheme being completed by the end of 2023 or early 2024.