Work can now start this summer on a seven-screen cinema, seven restaurants and four retail units alongside a new public square and 308-space multi-storey car park, plus 215 residential apartments.
The regeneration scheme is a joint venture between Cathedral Group, Quinn Estates, Essential Land and Swale Borough Council. It was set up in early 2011.
The partners estimate nearly 800 jobs will be created, securing an estimated £326m of economic benefit over the next decade and bringing 400,000 visitors a year to the borough.
The investment is also a major vote of confidence in the most easterly part of the the Thames Gateway.