The new town centre, given the green light by East Hampshire District Council this week, is expected to open in stages between late autumn 2020 and Easter 2021.
The approved plans include a six-screen cinema with an outdoor screen for summer events, an indoor market and pop-up stalls, an arts and heritage centre, offices, around 20 shops and restaurants, a new food store and 170 residential units.
There will also be up to 1,085 car parking spaces, and more than 7,000 square metres of public open-space areas, including a town park, upper and lower squares, and an arrival square.
Within the new indoor market building will be a new managed area for start-up businesses operated by Oxford Innovation, the firm behind the successful BASE Bordon innovation centre.
Work has also already started on the new leisure centre, which will be operated by Everyone Active, while plans for the new health hub are expected to be finalised by the summer.