A street is to be demolished to make way for a new retail complex at the entrance to Llanelli town centre.
Boarded-up properties on Upper Park Street will make way for new shops, leisure facilities and a public square.
The existing buildings have all been bought by Carmarthenshire Council and will be demolished in the autumn.
The council's executive board selected Henry Davidson Developments to carry out the project, which it says is vital for the regeneration of the town.
Many of the buildings on the street have been derelict for years.
The council began buying properties on the street in 2002 and all were purchased without resorting to compulsory orders.
Councillors gave unanimous backing to the scheme after a presentation by the company on Friday.
Harvey Lay of the developers said: "This is a very exciting opportunity and we are pleased to be chosen as the developers for this scheme."
Alan Jones of commercial property consultants Rapleys said: "It is clear that Llanelli is experiencing a period of sustained regeneration, including the Millennium Coastal Park, plans for Llanelli waterside and the town centre which inevitably will bring more people in.
"This development will ideally complement this regeneration strategy which the council is already successfully moving forward.
"There is an increased confidence in the town and we are certain that major companies will sign up to this scheme."