Run by SDA Ltd, the masterplan for the Armadale Station Development includes building 1000 houses, including 250 affordable properties, a hotel, care home, leisure facilities and offices.
Asda has agreed to build a 40,000 square feet supermarket, expected to create 150 jobs, while Bellway Homes and Taylor Wimpey will assist in developing homes.
More than 4500 permanent jobs are expected to be generated as a result.
Local residents will be able to view the proposals at the Armadale Street Fayre on June 17 and at the town's Gala Day on June 18.
Elizabeth Hands, chair of Armadale Community Council, said: "The development, coming so soon after the opening of the railway station, marks a new era in the town's history of the town.
"The community council looks forward to seeing the benefits to the people of Armadale on the completion of these projects."