The five-acre site between London Road, Park Street, High Street and Obelisk Way will be transformed into a new residential, commercial and public realm space.
Surrey Heath Borough Council selected Kier for the project.
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Karen Whelan, Chief Executive of the Council, said: "We are delighted to announce today, 03 April 2019, that Kier Property, the development arm of Kier Group, has been selected by the Council as the preferred developer to work on a mixed used-scheme in the London Road Development site.
"The proposed scheme will completely transform a run-down area of the town centre and create a thriving new town square surrounded by a large mixed-use development, including retail, residential, parking and new outside space.
"This announcement marks the end of the procurement process and work will now begin on surveying the site and submitting the planning application shortly."
(CM/MH)
