Detailed plans are due to be submitted to South Gloucestershire Council before the end of the month after outline planning permission was granted last summer.
Developer Chelverton Deeley Freed wants to build a store on the Barnhill Quarry site near the town centre.
The scheme comprises a new food retail store for Waitrose, 183 homes within a disused quarry, a pedestrian bridge over the River From linking the site to the High Street and small retail units along the link route.
The residential units will be constructed to Level 3 and 4 under the Code for Sustainable Homes. The Waitrose store will be designed to achieve a BREEAM excellent rating.
Paddy Fox, director of Chelverton Deeley Freed, said construction would begin after detailed planning consent was awarded.
“Work is likely to start in the summer,” he said.
Architect Mountford Pigott is drawing up detailed designs for the Waitrose store.