A joint venture between regeneration specialist Muse and Bury Council will deliver spaces for new local shops, public spaces, community facilities, and much-needed new homes at the site off Bury New Road.
The plans involve building a community hub including a library and health centre, a market hall and new village square and around 200 new homes.
Car parking in the centre of the site will be relocated to a new travel hub off Fairfax Road containing up to 300 car parking spaces. This will be built first with site work planned to start later this year.
Joe Stockton at Muse, said: “This is a huge moment for Prestwich. The overhaul of the Longfield Centre will create a new beating heart for the village packed with community facilities, spaces for local businesses to thrive, and much-needed new homes.
“Thanks to all the people that took part in the conversation over the last couple of years, we were blown away by the passion local people have for the area.
“Working together we’ve created a new village centre that everyone can be proud of and that will cement Prestwich as one of the best places to live for decades to come.”