St Modwen has signed a development agreement with West Lancashire District Council and English Partnerships for the £350m regeneration of Skelmersdale town centre.
The mixed-use scheme is currently being masterplanned and could include a new High Street, cinema and leisure centre alongside offices, residential and restaurants.
Michelle Taylor, regional director of St Modwen, said: "This is an exciting, once-in-a-lifetime opportunity for Skelmersdale to deliver a new heart for the town with brand new facilities that will not only benefit everyone who lives, works and visits the town, but also bring in much-needed investment."
An initial public consultation took place in 2005 and further feedback was gathered during the summer of 2007. The results are currently being evaluated.