Mansfield District Council expects work to start on site next January with the scheme finished two years later.
It is anticipated that the art-deco facade of the former Co-op building will be retained, and the remaining parts of the building demolished with a new building created.
More details will be confirmed during the phase one process, and subsequent planning application due to be submitted later this year.
Executive Mayor Andy Abrahams said: “Mansfield Connect is a key regeneration project that will transform the long vacant Beales department store into a multi-use, multi-service community and civic hub.
“Its creation will significantly improve access to a range of public services to support our communities; create new opportunities for enterprise and skills development; provide important new town centre amenities; and, by re-opening long closed frontages, will support greater footfall and high street vibrancy.”
The council purchased the building in December 2021 and it forms a key part of the council’s adopted Town Centre Masterplan complementing several other regeneration projects and developments being progressed across Mansfield.