Between 30 and 40 new shops, new flagship stores, and an integrated transport hub will be constructed on the Essex site.
Around 1,000 new construction jobs will be created.
Lakeside’s general manager, Paul Lancaster, said: “Lakeside has served the community for the past 21 years, and we’re very excited about this new development.
“This development will allow us to introduce new brands and widen our offer to customers.
“The proposed integrated transport hub will make using public transport easier, with shorter and sheltered links between bus and rail.
“This £180m project is a major statement of our confidence in Lakeside and we hope it will further raise the profile of Thurrock for other businesses.”