The proposals for the site consist of a mix of residential and commercial space, including 200 build-to-rent apartments and improvements to the public realm, with an ice rink proposed by the council.
Councillor Martin Rawson, deputy leader and cabinet member for regeneration and economy at Derby City Council, made the announcement at the Derby City Embassy event at MIPIM in Cannes, France.
In 2014, the council launched a programme to regenerate the area, whereby it purchased Duckworth Square, the former Debenhams building and five other properties.
The programme for redevelopment is scheduled for completion in 2020/21.
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Paul Morris, director of St James Securities, said: “We are delighted to have been selected as the preferred bidder for the former Debenhams site at Becketwell and look forward to working closely with Derby City Council to deliver what we believe will be an exciting and dynamic development breathing much-needed life into this area of the city centre.
“This is such an exciting opportunity to regenerate Becketwell and stimulate the renewal of the wider St Peter’s Quarter of Derby, with major benefits to the economic, social and environmental fabric of the area, ultimately transforming its perception and identity to that fit for a thriving 21st-century city.
“Our vision brings together commercial viability and deliverability with striking and contemporary architecture, all integrated with quality public realm.”