The development, on the former Pioneer site in Curzon Street, is set to include a cinema, restaurants, a public plaza, shops and a 125-space car park.
The council’s executive has approved a deal to bring the Pioneer Place scheme forward with Maple Grove, part of the Eric Wright Group, and authorised officers to finalise terms of the agreement with the developer.
The value of Maple Grove's contract is £24m.
A start date for the building work has not been set and the council and the developer have certain obligations to meet, as well as planning approvals, before the development can start on site.
Council leader Mark Townsend said: “Lining up a development partner for the Curzon Street site is the first stage in this ambitious project which will enable us to deliver a massive boost for Burnley, building on the investment already being made by Primark. This scheme will draw in more visitors, boost the local economy, and further establish Burnley’s reputation as an attractive and vibrant shopping and leisure destination.”
Andrew Dewhurst, director of Maple Grove, said: “The scheme represents a major mixed-use development which will make a significant contribution to the vibrancy and leisure provision of the town centre. Our proposal has been shaped to take advantage of the site’s prominence and proximity to the UCLan/Burnley College campus as well as meeting the needs of known occupiers who are seeking space in the town centre. We look forward to forging a strong and effective partnership with Burnley Council as we take forward this important development.”