THE £220M TALBOT Gateway deal has been officially signed, high above the streets of Blackpool.
A new, 25 acres of the resort's town centre will be transformed into a new commercial district under the scheme.
Mike Horner, regional director of Muse Developments joined Blackpool Council leader Coun Peter Callow and chief executive of ReBlackpool Doug Garrett on top of Talbot Road Bus Station to officially sign up to the scheme.
Although primarily a commercial district, the development will also improve the first impressions of the town for visitors arriving from Blackpool North Train Station.
Coun Callow said: "I think this will act as a catalyst for other businesses to invest in the resort.
"At the moment it's not much of a greeting for people coming into Blackpool by train and that's all going to change now and we're going to get the town centre we deserve.
"Blackpool is on the move – it has had a wonderful past and we want it to have a wonderful future."
Overlooking the streets he is about to transform, Mr Horner said: "The chance to make change on this scale comes about very rarely.
"The site in total is about 25 acres and that's a site on which you can create a very big development.
"While the super-casino was based entirely around visitors to Blackpool, this is for the sub-region and the people who live in Blackpool.We will be working with the council and the Northwest Development Agency to develop the plans.
"We all know the economy is not in the best shape at the moment.
Thankfully this project is anchored by some considerable public sector elements which allow it to move forward in these difficult times.
Work on the site will not start until 2011 and it will take at least 10 years to complete.
The first elements to be built will include the civic offices on the site of the Talbot Road Bus Station, a food store on Talbot Road and a pedestrian friendly plaza.
Mr Horner said: "These plans won't come to fruition overnight. There should be several hundred jobs created by the scheme and we will be using local contractors wherever possible."
Blackpool South MP Gordon Marsden said the proposals were a key part of the regeneration strategy put in place after the failed casino bid.
He said: "Government support for this has been critical and it shows the Government is keeping faith with Blackpool's regeneration, particularly in this difficult economic time."
A planning application will be submitted in March, when there will also be a compulsory purchase order made by the council for the remaining properties required by the development.
The Northwest Development Agency has already invested £5.1m in site acquisition.