Work is to start in October on new shops, bars and cafes in a £75m revamp of St Austell town centre.
The £75m scheme is part-funded by the government
The Regional Development Agency (RDA) signed legal agreements with David McLean Developments on Friday.
The government-funded RDA is investing £31.5m in the project, with the rest coming from David McLean.
It means major diggings will soon start on the redevelopment which also includes a new cinema in Aylmer Square, underground car park and 70 apartments.
Robert McGuffie, the RDA's Cornwall regeneration manager, said: "This deal is what St Austell has been waiting for and we're delighted that contracts have been signed."
Richard Dean, managing director of David McLean Developments, said: "This agreement is a milestone in the regeneration of St Austell."
Demolition work has already started in St Austell on an old Tesco building.
The scheme, which is expected to employ 600-700 people, will take two years to complete.