Ashwell Property Group's plan includes shops and offices, key worker housing and a community centre. Cambridge City Council rejected the first masterplan last year after criticising the scheme's height and scale.
It also argued that the project failed to include a suitable transport interchange or sufficient public spaces.
Ashwell liaised with the council to revise the project, which has been reduced by more than 20 per cent in height. The latest scheme includes a fully integrated transport interchange and landscaped open space.
Architects Rogers Stirk Harbour and Partners developed the plan. They insisted that it is "crucial to Cambridge's long-term future because it is the first port of call for many visitors".