The scheme involves developing the western side of the town centre where the council offices, the Plaza, bus station and several surface car parks are currently located.
Features will include building new shops, homes, and a bespoke central venue for a library, exhibition space, health services and council offices.
In addition, a new linear park will be created along with space for bars and restaurants. Construction is expected to start next year.
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Council Leader Sharon Taylor said: "This appointment makes large-scale regeneration of our town centre a reality. Mace's scheme will complement the development already underway – most notably in Park Place – providing new spaces, facilities and homes in the centre of Stevenage and a boost to our local economy with the potential for hundreds of new jobs and training opportunities for local people.
"The commitment of the council, our partners, local businesses and the property sector specialists that have helped us reach this milestone all demonstrate Stevenage's significance as a local and regional centre."
David Grover, Chief Executive Officer of Development at Mace, said: "We are delighted to have been chosen as the development partner for this exciting landmark opportunity to transform Stevenage town centre, and deliver new homes, shops, jobs and other fantastic benefits for the town and its residents.
"We are looking forward to working closely with the council, local businesses and the wider community to develop our joint vision and will bring forward proposals for consultation in 2018."
(LM)
