West Northamptonshire Development Corporation (WNDC) has selected Kier Property as the preferred developer for the project.
The site is known as St Peter’s Waterside and comprises of 4.9 acres of brownfield land in the middle of Northampton, between the River Nene and St Peter’s Way.
Extensive demolition works have recently been completed, with a former gasholder, ten houses and four business units making way for the development.
As part of an ever-growing commercial area, the site lies next to a forthcoming Innovation Centre and opposite a new £20m railway station, which is set to open in 2014.
Peter Mawson, WNDC chief executive commented: "Once we made this site available, it sparked a lot of interest from developers and investors. With its local track record and visionary plans for the site, Kier has emerged from a highly competitive process."
Northampton Borough Council leader, David Mackintosh, added: "The area around St Peter's Way has long been in need of redevelopment. While this new scheme will provide modern commercial properties, forming an important part of the Northampton Waterside Enterprise Zone's offer, it is just part of our town's massive regeneration programme.
"The amount of progress we are making far outstrips the national trend, leading to a high level of private sector confidence, which is reflected in the speed with which Northampton is recovering from recession."
The contractor, Kier Group’s property arm, is a well-known major UK developer with a large construction history involving offices, industrial, retail and mixed-use schemes.
Amongst the projects supported by Kier in Northampton is St Peter's Waterside. The firm’s construction division is working on a number of regeneration schemes, ranging from the North Gate Bus Station to a student accommodation complex.