The scheme, designed by Leeds-based Carey Jones Architects, includes a 7000 m2 Sainsbury store with student accommodation for the University of Glamorgan above it, 28 retail units, offices and 600 parking spaces.
The scheme is intended to reverse the trend of people travelling to Cardiff and Caerphilly to shop, because of a lack of new retailers and inadequate parking in Pontypridd.
The lack of parking is because the town is hemmed in by the River Taff on one side and a main road on the other. The scheme provides 600 parking spaces on the site of an existing daycare and health centre in Pontypridd's Memorial Park.
The car park will be linked to Sainsbury by a series of road bridges across the river. The health centre and daycare centre will be relocated within the scheme. The other retail units are designed as open malls, wrapped around the Sainsbury's store.
"The aim is to redress the economic leakage from Pontypridd into Cardiff. Having Sainsbury as the anchor tenant will bring in the calibre of retailer that it was missing," said a spokesperson for Teesland.
Teesland and Sir Robert McAlpine are in discussion with the Welsh Development Agency about possible financial backing for the scheme.