The £400m scheme, brought by Tesco, will see a new 50,000-seater stadium built for Everton Football Club in the town together with new shops, restaurants, a hotel and offices.
It will create more than 2,300 jobs, including 350 which Tesco has earmarked for long-term unemployed Knowsley residents.
The development will also attract an extra 1.2m visitors to Knowsley every year, spending an additional £13.6m in the local economy.
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Leader of Knowsley Council, Cllr Ron Round, said: "This scheme is an amazing opportunity to change the face of Kirkby forever.
"It will create thousands of jobs and other much-needed regeneration benefits, which will still be apparent to its residents and businesses for generations to come.
"We have fought long and hard for years to try and attract an investor to Kirkby.
"But this is about more than buildings and shops it is about transforming an area forever, creating a place where people are proud to live, work and visit."
The scheme will also see environmental improvements, such as landscaping, throughout the town centre and Tesco has also agreed to demolish and clear the site of the old Kirkby swimming pool ready for redevelopment.
(CD/JM)
