The development is expected to be finished in six years
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A "masterplan" development which will change the shape of Preston, revamping shops, leisure centre and homes, is to be considered by the city council.
The £700m Tithebarn development is expected to be completed by 2014 if it is granted planning permission.
Retailers including John Lewis and Marks and Spencer are signed up to the shopping area.
A new bus station, cinema, bars, restaurants, 500 homes and 2,700 parking spaces are also planned.
New markets will be built and office space will also be included.
The scheme is being led by Preston Tithebarn Partnership which includes developers Grosvenor and Lend Lease, as well as Preston City Council.
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