A shopping and leisure park is set to be built in the centre of Didcot which could more than double the size of the town's Orchard Centre.
South Oxfordshire District Council and developers Hammerson have unveiled plans to regenerate a 10 hectare site, east of the existing centre.
Rodney Mann, cabinet member for finance at South Oxfordshire District Council, said: "This is really exciting news for the people of Didcot and the surrounding area.
"The development will provide us with a wonderful opportunity to create a really vibrant and attractive town centre."
The new development will cover more than 18,500 square metres. It will be 1,000 square metres larger than the Orchard Centre.
It is not yet known which companies will take up the units in the centre.
Shops, including a department store, and a mix of cafes, bars, restaurants, leisure facilities and a library are all on the cards.
A hotel will be a key part of the development, and there will be a number of new houses and flats built.
Most of the land earmarked is currently used for garages and warehouses.
John Flood, leader of the council, said: "I am absolutely delighted. It is another step on the way to making Didcot what it should be, which is a vibrant town and a good place to live."
A masterplan of more detailed proposals will now be commissioned. This is expected to be completed before the end of the year.
Council spokesman Victoria Bucket-Hipgrave stressed this was a very long term project. She insisted details of timescale and cost would not be available until the masterplan had been completed.
Simon Betty, development retail executive for Hammerson, said: "I hope that lots of people take the opportunity to comment on the masterplan as work proceeds so we can deliver what people most want."
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