The Marsh Farm three-phase project is a joint venture between the council and the Marsh Farm Steering Group.
It involves redeveloping the central area of Marsh Farm, four miles outside of the town centre in Luton.
Works will see the existing shopping centre demolished to make way for 118 new residential homes for rent, two blocks of retail units and associated infrastructure/landscape works.
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Keepmoat Regional MD, Dan Germann, said: "The redevelopment of Marsh Farm offers a fantastic opportunity for the people of Luton. We will be working alongside Luton Borough Council to transform the area and create a brand new, high quality, mixed-use development which will significantly enhance the town's leisure and residential offering."
Cllr Tom Shaw added: "We have been waiting for this moment for a long time so it's really exciting to know our contractors are now on site and set to deliver major improvements to the Marsh Farm area.
"This scheme is set to make a real positive difference to the area, with high quality homes and shops bringing long-term social and economic benefits for local people."
Work is already underway on the project which will be delivered over a three year period.
(LM)
