Sheffield City Council's city and east planning and highways board approved a proposal by Deutsche Bank Real Estate (DBRE) to regenerate The Moor. More than 1,000 full-time and part-time jobs will be created during construction and on completion of the scheme.
The plans involve the construction of larger shops, with the upper floors used for housing, commercial, leisure and shopping purposes. DBRE estimated that the site has potential for 1,000 apartments.
The company's plans include better closed-circuit television and public transport, safer car parking, improved street furniture and public performance areas. New restaurants, offices and bars will also be built. The Moor's market stalls will be moved from the main thoroughfare into a new covered market on Earl Street.
The blueprint for the centre was developed in partnership with the council and follows public consultation on the proposals. DBRE is in talks with "major high street retailers" who have shown interest in letting retail units in the revamped scheme.
"We firmly believe that the future of The Moor is vital to the success of the city," said DBRE spokesman Anthony Butler.