The scheme in Shirley is the brainchild of joint venture developers Helical Bar and Coltham Developments and includes an 85,000 sq ft ASDA superstore, 20 shops and a 500 space underground car park.
Bam will also build 27 three bedroom townhouses and 56 one and two bedroom apartments for a mix of private and affordable housing.
The project is due to start on site in the Spring of 2012, with completion scheduled by Spring 2014.
John Mensforth, a construction director for BAM in the Midlands, said: “It is very pleasing that we have been able to work with the client over such a long period of time to ensure that this important project for the area will finally happen.
“It shows that BAM has the skills and experience to unlock the type of retail and regeneration projects that are becoming viable again after a difficult few years.”