Mosaique, which will rename the area Station Square, signed a planning performance agreement with Worthing Borough Council in May.
Aized Sheikh, CEO of Mosaique, said it marked ‘the next exciting phase’ of Teville Gate’s transformation.
He said: “We have thought through every aspect of this development, taken on board all of the community feedback and have a viable development proposal which will work for the site and for the town and its people.”
Demolition teams have already taken down the multi-storey car park and anticipate that the site will be completely cleared by the end of October.
Mosaique hopes to receive approval from the council’s planning committee before the end of the year.
Proposals for the site include 374 apartments, a gym, a supermarket, restaurants and car parking spaces.
Once planning permission has been secured, contracts for the residential and commercial units will be signed with operators, Mr Sheikh said.
“We are on course to secure a mixture of household names and local innovators," he said.
“We’ve had exceptionally strong interest in our development from a range of restaurants, cafes, hoteliers and supermarket operators.
“There’s been a lot of local interest too.
“This interest reaffirms our view that Worthing is a rising star on the South Coast, and absolutely the right place to be creating an exceptional space for life and living in the form of Station Square.”
He said Mosaique and Worthing Borough Council had developed ‘a strong working relationship’, adding: “It’s absolutely clear that we are all pulling in the same direction.
“The council and my team share a common drive to create the best possible development for the long term future of the town.
“I am confident that this is exactly what we will deliver.”