The proposal, known as SG1 will eventually provide more than 1,800 new homes, 3,500 sq m of retail and commercial floor space, a new public garden square and park and a new primary school.
As the developer working in partnership with Stevenage Borough Council, Mace will also deliver an integrated public services hub comprising health facilities, library, retail and workspaces, offering people and businesses new opportunities to thrive.
Sustainability is at the heart of the design – new green spaces and tree planting are a central theme for the masterplan proposals.
Phase one of the masterplan will see two big plots redeveloped with housing and ground floor retail.
At Arrival Square – Plot A- around 264 mainly balconied flats will be delivered in buildings around a central courtyard.
A second site known as plot K will be home to nearly 500 build to rent flats in block rising to 19 storeys framing an open central courtyard.
Work is already underway in the town, where Mace is managing the improvements to the historic Town Square, bringing new places to eat and drink, flexible workspaces and conference facilities.
Mark Reynolds, chief executive at Mace, said: “The planning permission approval for SG1 is an important step in building a better town centre in Stevenage.
“We are confident that a review at national level will conclude that our ambitious regeneration plans for the town can act as a blueprint of economic growth and future opportunity for many towns across the UK.
“As we look towards the UK’s critical economic recovery from the impact of COVID-19 on people’s livelihoods and opportunities, regeneration proposals like this will be vital to our success.”