Bracknell Regeneration Partnership (BRP) has handed in a planning application to Bracknell Forest Council (BFC) for permission to change the entrance near Stanley Walk and create a new shopping area from the vacant first floor area that used to be Riley's Snooker Hall.
Helen Barnett, marketing manager at BRP, said: "I think it is a very exciting step for Bracknell on the path to regeneration.
"Hopefully this is a big signal to people that we do still mean business.
"This application is part of our strategy to bring forward parts of the overall regeneration programme where possible."
If granted, planning permission, BRP hopes to start work in the second quarter of next year, aiming for completion by April 2012. Ms Barnett said: "We would work very closely with the retailers to ensure that no one is inconvenienced."
The renovation would create a two-retail space covering 19,000sq ft, which BRP hopes would attract large brands to the town centre.
Ms Barnett said: "We are encouraged by early interest in the proposal but can't confirm or deny any names yet."
Princess Square is scheduled to stay as part of the regeneration proposals being worked on by BRP, a 50/50 joint venture partnership between Schroeder and Legal and General. BRP recently successfully applied to BFC for an extension to the time limit to start work on the main redevelopment scheme.
Ms Barnett said that BRP plans to do different parts of the scheme as they become possible. In the meantime, she said: "I'd like to encourage people to support the town centre now and especially at Christmas time prior to the regeneration occurring."
BRP has organised a range of Christmas events in the town centre. On Saturday, November 27, The same day, Also on Saturday, November 27 In addition, company
Then on Sunday, November 28, there will be Also, X Factor star Jamie Archer will turn on the Christmas lights in Princess Square at 4.30pm, then will go to Charles Square for 5.15pm to turn on the lights for the rest of the town and sing before a musical firework display.
From December 2, Princess Square and other town centre car parks will offer free parking from 5-8pm on Thursdays. Also, Princess Square will offer two hours' free parking at any time between Monday, December 13 to Tuesday, December 28, except for Christmas Day when the car park is closed.