More than 400 jobs will be created with the opening of what will be called 'Clerys Quarter'.
Clerys closed its doors in 2015, but after being bought by the new UK-based Europa Capital, plans for renevation have been unveiled.
Another 750 temporary construction workers will be hired to work on the project that will include a 176-bedroom four-star hotel, its new owner Europa announced.
There will also be retail outlets, office space, a panoramic rooftop restaurant, cafés, restaurants, and a market.Jobs created will include positions in retail, leisure and hospitality.
Building is due to begin before March and finish late in 2020.