The Addlestone One project has been designed by Broadway Malyan.
Features of the scheme include a cinema, a hotel, restaurants, shops, 213 new homes, a multi-storey car park and new public spaces.
Runnymede Borough Council is to retain the completed development as a source of revenue.
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The development is located on a six-acre site near the existing Runnymede Civic Centre and is due to be completed in October 2017.
Bouygues UK Regional Managing Director for the South, Darren Gill, said: "The ground has now been cleared and we can get the construction work underway on this exciting new development that is going to give a new lease of life to the town centre here in Addlestone."
Runnymede Borough Council’s Chief Executive, Paul Turrell, added: "This is the culmination of a significant amount of hard work to bring about the regeneration of this six-acre town-centre site."
(LM/CD)
