Ask Real Estate will spearhead the revitalisation of Macclesfield town centre after agreeing to buy the Churchill Way car park.
A multiplex cinema, restaurants and retail space designed around an area of quality public realm, is expected to be delivered by the Manchester-based urban developers.
It comes after Cheshire East Council announced their intention to sell the car park to Ask.
Leon Guyett, Development Director of Ask Real Estate said: "We are aware there was lots of interest in the site so are understandably really excited at being chosen as the preferred purchaser by Cheshire East Council.
"We are looking to provide a high quality leisure destination to appeal to the local community which will be anchored by a cinema with high quality public realm."
He added: "We look forward to sharing our plans for this prominent town centre site over the coming months."
The scheme will go before planning bosses once contracts are exchanged.
Ask Real Estate was selected following a competitive process which saw 18 other offers submitted to the council to led the major town centre scheme.
Today's announcement comes after the council's pledge to facilitate a leisure-led scheme last summer, following the withdrawal of the proposed Silk Street development.