Proposals for the Kings Triangle were handed to the Royal Borough on Friday.
ING RED (Real Estate Development) has spent more than three years and £1m developing the project with the aim of pushing the town into the top 100 shopping centres in the UK.
Bosses have scotched fears it will kill off smaller retailers in town saying the increased footfall will be beneficial to all.
ING’s development director Tim Webb said: "Kings Triangle offers a once-in-a-lifetime opportunity to reinvigorate the town’s economy.
"Giving the green light to the proposals early next year will give a real boost to the town and give big name retailers the confidence to invest in Maidenhead."
Existing buildings on the 1.87 hectare site bordered by Queen Street, King Street and Broadway would be bulldozed to make way for the new complex.
ING already owns about 50 per cent of the site and the company hopes to acquire the rest through 'negotiations'.
Kings Triangle would have 35 shops, 15 restaurants and cafes and 45 one-bed and 69 two-bed flats, some of which would be affordable housing.
The Broadway multi-storey would be demolished and replaced with a 700 space car park above the shops.
The section of Nicholson's Centre adjoining the multi-storey would be knocked down to create a walkway through to the new complex.
As well as shops fronting onto King and Queen Street it would have shopping streets inside and two public squares.
A five-storey landmark office building would replace Que Pasa, with a department store behind it.
Broadway would be pedestrianised during the day and Queen Street opened to two-way traffic.
The proposals fall short of retail space and homes required in the council's AAP (Area Action Plan).
But ING says the requirements 'ignore the physical and design constraints that any redevelopment would face'.
The borough is expected to make a decision by the end of February. Detailed plans would then be developed.
Work could start on site by January 2013 with the complex open in time for Christmas 2015.
The plans ref: 11/03029/OUT can be viewed and commented on at www.rbwm.gov.uk
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