The plans for the regeneration will be on display in a marquee on Elms Field from noon-7pm on Friday, July 13 and Saturday, July 14.
The exhibition, which gives residents a chance to see how the proposals have evolved since the consultation in July 2011, will then be moved to the council offices at Shute End until the end of the month.
The redevelopment is being carried forward by Wokingham Borough Council working with Wilson Bowden Developments Ltd.
Wokingham Borough Council's executive member for regeneration and affordable housing Cllr Alistair Corrie said: "We look forward to hearing what people think of the evolving plans and would urge people to give us their views so that we can take this into account as the proposals are finalised."
Patrick Arthurs, Wilson Bowden Development Director said: "We are pleased to bring forward further proposals for the regeneration plans. In particular, we are keen to find out the thoughts of the community on the way in which the improvements to Elms Field can take place and how the residential aspects of the development should look."
The town centre regeneration will provide an anchor food store, bringing trade into the town centre.