A joint venture between Mace and Doric Properties is behind regeneration plans for Botley shopping centre.
But local campaigners fear the plans would demolish a vicarage and housing for older people.
Campaign leader Chris Church told the BBC: “It forces frail older people to leave their homes and will turn an area with a good mix of small independent businesses into a faceless shopping mall.”
Huw Griffiths from Mace said: “It is widely accepted that the regeneration of Botley District Centre is much needed and overdue.
“Doric/Mace has answered calls made by the Vale of White Horse District Council and local residents to propose an exciting and vibrant development that will bring great benefits to those living and working in the area.”