Blackpool council last night approved the development agreement drawn up with Muse Developments to tackle a 25-acre area around Blackpool North rail station.
The agreement is expected to be signed within the next fortnight after final legal negotiations are concluded. However, an outline planning application is not expected to be submitted until spring 2009, with start on site set for 2010.
Muse was appointed preferred developer after a contest in April 2007. The £220m redevelopment of the area will centre on a new business district anchored by civic offices. There will also be cultural venues, a large food store, shops, cafes and restaurants, along with apartments, town centre parking and a transport interchange.
Doug Garrett, chief executive of ReBlackpool, the urban regeneration company advising both parties, said: "The Talbot Gateway is a vital component of Blackpool's masterplan to re-establish the town centre as a first choice for business and retail.
"Having a dedicated business district will undoubtedly attract more businesses to the area and provide lots of opportunities for investment that will help facilitate the growth of the town."
Mike Horner, regional director of Muse Developments, added: "We are working very hard alongside the Council and ReBlackpool and looking forward to bringing the development forward and delivering change on the ground at the earliest possible opportunity."