Planning permission has been granted for the development of Northwich Marina which will see a supermarket, a restaurant and a number of houses developed at the site.
The facilities will be delivered by H20 in a joint venture between British Waterways and Bloc, with house builder McCarthy & Stone set to develop 58 homes for the elderly and a restaurant.
Waitrose will open an 18,000 sq ft supermarket on the site along with enough parking to cope with demand to compliment the host of improvements also being made to the waterways in Northwich.
A new marina will be constructed by architects from Fairhursts with enough berths to moor 40 boats.
Richard Thomas, director of Bloc and development manager for H2O, said the firms are "delighted" that the development scheme has been given the green light.
"We can now start to regenerate this long underused and mostly vacant site. We have had strong support from the local community and this is an opportunity to deliver a significant phase of the town's regeneration plans."
He added that the development of the area "will bring a range of local benefits" to the area's residents when it is completed.
Nigel Keen, director of development at Waitrose, said: "Over the years we have received many requests from local people who wanted us to come to Northwich and we have been looking for a suitable site for some time now so people don't have to travel to Altrincham or Sandbach to do a weekly shop with us."
He explained that the supermarket chain is "delighted" that the scheme, which will provide hundreds of jobs in the area, has been approved by the planners.
A £90 million development of the Centrale Shopping Centre in south-east London, which is set to be undertaken by Hammerson and designed by Leslie Jones Architecture, was recently given the green light, with work due to begin in 2013.
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