The 'Altair' development in Altrincham will be predominantly shops, restaurants and bars.
It will also feature 150 new homes, with consent granted for grade A offices.
Nikal was granted outline planning permission for the 4.5 acre Altair site in January 2014.
Detailed planning work is now underway.
A new £19m tram, train and bus Transport Interchange has been completed and allows a direct link to the scheme via a new public walkway.
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Eric Wright is to shortly begin site preparation works prior to the first phase of construction, which is scheduled to start on receipt of planning in Spring 2016.
The first phase involves developing 59 one and two bedrooms apartments opposite the town's large Tesco superstore.
In addition, ground floor leisure retail space will be created along with a new entrance for the existing ice rink.
John Wilson, MD at Eric Wright, said: "Altair will completely transform a prime town-centre plot and further strengthen its capabilities to generate significant inward investment."
The project has been developed by Nikal in close working partnership with Trafford Council and Altrincham Forward.
The scheme is taking place alongside a programme of improvement works to regenerate and rejuvenate Altrincham's town centre.
(LM/CD)
