Wilson Bowden's proposals for a 200,000 sq ft retail and leisure redevelopment of part of Macclefield Town centre was approved at planning committee by nine votes to three after an eight-hour meeting of councillors last night.
Silk Street will be anchored by a Debenhams department store and Cineworld cinema alongside 19 other retail units, a 718-space multi-storey car park and new square.
Will Robinson, retail director of Wilson Bowden Developments, said: "We're thrilled that a decision has been taken today to support Silk Street as part of the wider vision to create a thriving, vibrant town centre in Macclesfield, offering something for everyone. We're looking forward to starting work on the scheme and bringing the plans to life."
It is anticipated that work will start 2014 with completion expected by 2016.
The proposals were approved despite strong opposition from some members of the community in Macclesfield and a local paper campaign against the plans. Cheshire East Council is currently opposing a ruling by the Information Commissioner's Office to disclose details of the financial agreement between Wilson Bowden and the local authority.
Pegasus Group provided planning advice to Wilson Bowden.
The retained letting agents are Cushman & Wakefield and Mason & Partners.