The local authority has already committed £50m for the first phase of The Glass Works scheme, which will see a 590,000 sq ft retail-led facility built on a 3.8-hectare site around Cheapside.
Once completed, the development will feature a range of shops, restaurants, multiplex cinema and bowling, alongside a new home for Barnsley's historic markets, a modern central library and new public realm.
While construction continues on the first phase, plans for the second stage are due to be submitted in the near future.
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Council Leader, Sir Stephen Houghton CBE, said: "We are investing another £70 million in addition to the £50 million already committed making a total investment of £120 million, giving Barnsley something it has lacked for a long time.
"We haven't taken this decision lightly; we're confident that it is the right thing to do and will contribute towards building a thriving economy. An investment like this will stimulate inward investment, economic growth and create more and better jobs by providing around 800 new retail and leisure opportunities and temporary jobs in the construction industry."
Stuart Harris, Commercial Director and Co-Founder of development manager Queensberry, said: "We've reached a major milestone in the delivery of The Glass Works. By committing to fund the second phase of the scheme, Barnsley Council has taken the type of proactive and innovative approach needed by forward-thinking local authorities."
The development is scheduled for completion in spring 2020.
(LM)
