Shrewsbury & Atcham Conservative MP Daniel Kawczynski met representatives from RivingtonHark for the first time earlier this week.
The firm was appointed to lead the regeneration of Shrewsbury's Riverside by Shropshire Council last year.
It is overseeing efforts for a major revamp of the area, with Shropshire Council submitting a planning application for partial demolition work on the existing site this week.
The work is being supported by an £18.7 million grant from the Government's Levelling Up Fund, which was awarded earlier this year.
Mr Kawczynski said that during his meeting he spoke of the project's importance in not only transforming Shrewsbury’s town centre, but the local economy.
He added that RivingtonHark had outlined the ambitions for a planning proposal to be submitted by August next year, with shovels in the ground by March 2025.
Speaking after the meeting, Mr Kawczynski said: "The future of Shrewsbury’s town centre is in more than capable hands as I learned from my meeting with RivingtonHark.
"I was thrilled to finally meet with the company that boasts an impressive track record of revamping other areas.
"Shrewsbury is finally getting the funding it deserves and I welcome the Conservative Government’s commitment to levelling up our town.
"RivingtonHark has my wholehearted support."
The plans for Riverside would see the demolition of the Riverside Centre, as well as the nearby Raven Meadows multi-storey car park, bus station and Pride Hill Shopping Centre.
In their place will be a new leisure site, with intentions for it to host a cinema, a new multi-agency base or ‘Shirehall’, a ‘transport hub’, up to two hotels, offices and up to 270 homes.
A main feature of the ambitions is also improving the public space, providing a destination for people to visit.