The 18,500m2 Silk Street scheme will provide new retail and leisure facilities, including a Debenhams store and a Cineworld cinema.
Work is anticipated to start next year, with project completion expected by 2016.
Silk Street is a joint venture between Cheshire East Council and Wilson Bowden Developments and is considered a key part of the wider regeneration of Macclesfield.
Architects firm TP Bennett designed the scheme to reflect Macclesfied’s heritage.
Principal director Chris Wieszczycki explained: “The cinema building fuses two key aspects of Macclesfield’s historical past; use of copper as a nod to industrialist Charles Roe, and undulating ribbons of cladding, symbolising the weave of a silk skein. The cinema façade is punctuated by light boxes as a modern interpretation of Jacquard cards used in silk production.”