The Heart of Slough programme is set to revitalise and re-energise the Berkshire town's centre and will result in 1,500 new homes built in the town centre, over 34,000 sq m net of new office space created, a new bus station and a new hotel established to form the hub of a restaurant quarter.
A new iconic library building is planned alongside St Ethelbert's church.
The scheme has sustainability as a core development principle. All homes will be to a minimum of Level 3 of the Code for Sustainable Homes and office space will conform to a minimum BREEAM "Very Good" standard.
"The provision of affordable homes, the regeneration of the town centre and the re-use of brownfield land are key elements of the project," said Area Director for English Partnerships, David Ashworth.
"The exciting architecture and the increase in civic pride which we believe the project will engender, make these plans a real triumph."
The Heart of Slough project will join a number of existing initiatives instigated by Slough Borough Council to revitalise the town.
"It has taken a long time for the project to reach this point and there have been many people and organisations involved," said commissioner for planning, transportation for Slough Borough Council, Councillor Dexter Smith.
"There is a lot of work still to be done but it's a very exciting time to be a resident in this town."
English Partnerships have assumed a £13.5M cost for the masterplan, designing and implementing infrastructure works, and building a new bus station.
Alongside English Partnerships and Slough Borough Council, the key development partners are Berkeley Homes, who will design and build the residential element of the scheme, and Development Securities, who will develop the new office buildings.
It is hoped planning consent will be granted by the late summer and construction will begin in the spring of 2009. If approved the scheme is set to be completed by 2018.