Melbourne-based developer Liuzzi Property Group is behind the upgrade, which incorporates 22 new specialty shops and six food outlets.
Director Alfonzo Liuzzi said the project would substantially improve the amenity and the look and feel of the area.
“The conclusion of this project will not only give Beenleigh an ultra-modern new centre, but also a new heart,” Mr Liuzzi told Quest Newspapers.
The changes will include the addition of a medical centre on the first floor and an upgrade and extension of the existing Coles supermarket.
Carparking spaces will be reduced from 414 to 377 but awnings will be provided along Main St to protect visitors to the centre from the weather.
The existing Red Rooster at the southern end of the site will remain and a community gallery space on the ground level at the corner of Main and Bellew streets will provide an opportunity for local artists to display their work.
Mr Liuzzi said construction would start in March and last around about a year.
Coles Supermarket and most existing retailers will continue to trade during the estimated 12-month construction period.
Plans for the redevelopment are on display in the Mall.