Bicester's town centre redevelopment could be ready for business in 2006 or 2007 barring any major planning delays.
The development could also include a Waitrose or Sainsbury supermarket and a multi-screen cinema.
Kimberley Developments, which represents Waitrose, has expressed an interest in developing the five to six acre site -- which covers three adjoining car parks between Sheep Street and Manorsfield Road. The site is owned by Cherwell District Council.
The development firm has submitted a planning application to the district council and Sainsbury is expected to do the same, after withdrawing an earlier plan for a supermarket.
Linda Rand, Cherwell's urban designer, said a development plan would be adopted by the council's executive in the autumn. She said: "We shall then invite tenders from development companies, and by the beginning of 2005 we shall select a development partner."
"We're trying to avoid having to make compulsory purchase orders to acquire any property. If we do have to go for CPOs there will have to be a public inquiry, which would delay the development by months.
"If we do not go for a CPO then the development could be finished in 2006 or 2007."
The Waitrose supermarket would be about three times the size of the existing Tesco supermarket, which has its main entrance in Sheep Street.
David Anderson, Kimberley's managing director, said the Waitrose supermarket would have 25,000sqft of selling space.
He added that a cinema operator had expressed an interest in the idea of a multiplex cinema in the town.
The town centre redevelopment could also include plans for a new library, which would be funded by Oxfordshire County Council.
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