Stockport Council and Muse Developments have signed the development agreement for Grand Central, the new office district next to the train station in the town centre.
The council bought the site last year to bring forward the office-led development, which will include a hotel and car parking.
Phase one will consist of a 1,000 space multi-storey car park and highway improvements, due to be completed at the beginning of 2014.
Phase two has been masterplanned for the first office building, new public space, a hotel and highway improvements by 2015.
Phase Three will include further office buildings, extension of the open space and further improved accessibility for pedestrians on a phased basis up to 2020.
Cllr Iain Roberts, executive member for economic development and regeneration at Stockport Council, said: "The signing of the development agreement confirms both parties' commitment to delivering a cutting-edge new office quarter and commuter destination for Stockport. It is a crucial part of our overall vision for the town centre – attracting jobs, investment and footfall. We've worked hard to make sure that it's self-financing and at no extra cost to the council tax payer."
Matt Crompton, joint managing director, Muse Developments said: "Today marks an important milestone in the transformation of this key gateway to Stockport town centre. We can now look forward to working with our partners at the Council to build on Stockport's commercial appeal to deliver this stunning new office quarter."