The council will now work with Stanhope to develop its ideas for phase two of the retail and leisure-led Town Centre North regeneration scheme.
A planning application for the £200m scheme is expected next summer.
Phase one of Town Centre North, on the former Sussex House site at the northern end of the High Street, is being developed by Land Securities and St James’s Development. This will include a hotel, supermarket, cafés, restaurants and a car park.
Councillor Claire Denman, cabinet member for planning and economic development, said: “Town Centre North is hugely important to the quality and prosperity of the town centre. It’s not just about new shops and leisure activities; it’s the full regeneration package including employment and training, a quality environment and the opportunity for new residential development.
“Stanhope impressed us with their vision for Town Centre North and also their desire to work with existing businesses, the local community and the public sector to improve existing areas such as Queens Square, The Broadway and Crawley Station.
“The first phase of Town Centre North is due to be on-site soon and with Stanhope’s determination to submit a planning application for the second phase in 2013, we are feeling confident about the future.”
Stanhope director Martyn Chase said: "We are very pleased to be selected as development partner for Town Centre North. This project is Crawley’s opportunity for a major improvement of the retail and leisure offer, to attract many more customers and much new business. We have great confidence in the town and the opportunity, which will be a major investment by Stanhope in Crawley. We are looking forward to working with the council, local business and community interests to deliver the best scheme for Crawley as soon as possible.”