Scarborough Development Group, owned by Yorkshire developer Kevin McCabe, has won planning consent from Cheshire East Council for the redevelopment of Congleton town centre.
The three-acre scheme funded by Investec Private Bank will feature a 60,000 sq ft food store, a 96-room hotel and parking for 241 cars.
There will also be a new market with 11 indoor and 36 outdoor stalls, a new public square to provide space for events and town centre promotions, and new pedestrian links to other areas of the town centre.
McCabe acquired the site as part of a portfolio of eight town centre development opportunities following the collapse of Brendan's Flood's Modus during the recession. The portfolio includes sites in Rhyl, Stockport, Preston and Wigan and will total 650,000 sq ft of food store, mixed retail, parking and office space if completed projects. The forecast end value is around £200m. Investec funded the portfolio acquisition.
Damian Flood, nephew of Modus founder Brendan Flood and SDG development manager, said negotiations were at an advanced stage with a major food store chain and a leading hotel operator.
He added: "This redevelopment will revitalise the town centre and provide a major boost for residents and visitors."
It had been rumoured that Brendan Flood would become a director of Scarborough after the acquisition but these proved ill founded.
A spokeswoman for Scarborough said Brendan Flood is providing advice on a consultancy basis when called upon.