Warrington Council has approved an outline masterplan for the regeneration of a 90-acre Stadium Quarter site North of the town centre.
The council will work in conjunction with joint venture partner and Liverpool-based developer, Iliad, to deliver the £190m scheme.
The project will connect the bus interchange with the Warrington Wolves' Halliwell Jones Stadium, creating a mixed-use development comprising educational, business, leisure and housing uses.
Warrington Council expect a phased programme of development over the next decade to create up to 1,000 construction jobs and nearly 4000 new permanent jobs when fully completed in 2024.
Phase one of the project will start on site in January 2014.
The project will be managed by Warrington & Co, which was established to act as a partnership between Warrington Council, business leaders and key organisations as a business-friendly interface to deliver regeneration strategies and facilitate growth in the town.
Warrington & Co's principal function is to progress the delivery of regeneration strategies and to work with development partners in the delivery of key projects.
The masterplan for the Stadium Quarter is currently in draft form and will be finalised following further consultation with stakeholders.
David Anastasiou, owner of Iliad Group, said: "This development is potentially a game-changer for the whole of Warrington, it will anchor and assist in the redevelopment of the downtown area offering uses that are supplemental to the retail and leisure offer."
Cllr Terry O'Neill, Warrington Council leader, said: "This decision marks the start of a very exciting chapter in the regeneration of our town centre. Iliad has an excellent track record of urban regeneration and we are looking forward to working with them and delivering this scheme."
Steve Park, managing director of Warrington & Co, said: "Warrington is booming economically as we outstrip our rivals. Omega is already well underway and it is great to be bringing forward this town centre scheme and revitalising and re-energising this core area of town."
The architect on the project is Liverpool-based Falconer Chester Hall Architects.