Nottingham City Council and Broadmarsh owners intu have agreed a £150 million deal to re-generate the Broadmarsh Centre and the surrounding area.
The deal will include a range of new shops, restaurants and improvements to the centre's car park.
The agreement means that construction work could start before the end of next year.
These plans are in addition to continued work on the intu Victoria Centre which is undergoing a £40 million remodel and refurbishment plan.
Nottingham City Council Leader, Jon Collins, said these plans will bring Nottingham in line with other large cities.