Contractor Eric Wright have teamed up with main project management partner Pick Everard to deliver the scheme, which involves building a new shopping area for Market Walk featuring a cinema, restaurants and new retail units.
Other improvements will also be carried out in the area, including upgrades to its appearance along with a new two-storey car park to accommodate an increase in shoppers.
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Council Leader Alistair Bradley said: "We were really keen to see this development go ahead as it will set our town centre up for the future.
"It is a sign of the confidence people have in investing in Chorley that we can now progress the scheme, which is one of three major developments in our town centre sitting alongside a 65-bed retirement village and world-class youth zone."
John Wilson, managing director of Eric Wright Construction, added: "Chorley is on the up and it's great to see a Council proactive in encouraging investment and making things happen in the borough.
"We're proud to be delivering a number of schemes in the town, including Primrose Gardens, a 65-bed extra care facility located a short walk away. Market Walk will be a real draw to the town centre and provide a quality mix of leisure and retail to capitalise on the huge expansion of housing being built locally."
The new development is expected to be open in late 2019.
(LM)
