The application, which was submitted by developer St Modwen, includes plans for 8,000-square metres of restaurants and shops, a 9,000-square metre food store and a five screen cinema complex.
The plans also include a petrol station and a public square near the Nye Bevan swimming pool, and according to St Modwen would create 350 jobs.
Prior to submitting the application, St Modwen consulted on the proposals and, after receiving feedback, changed the location of the petrol station.
The plans were drawn up in consultation with the council and the Homes and Communities Agency.
St Modwen regional director Michelle Taylor said: "The feedback we received during the public consultation was extremely helpful and has played a large part in the evolution of the plans. The participation of the local community has really supported the efforts of the partners, who have worked hard to keep the plans alive throughout the recession."