The 17-acre site will become home to a whole host of new entertainment venues, including the UK's first 'flying theatre'.
At the heart of the new tourist spot will be an indoor adventure park based on the theme of Chariots Of The Gods, a best selling book by Erich von Daniken, according to its developers Nikal.
It will feature several new attractions, one of which is the 'flying theatre'.
The fully immersive experience is said to include "wind, fog, water and scents, with state-of-the-art projection and surround sound".
It is the first time the UK has had a 5D experience such as this.
According to Blackpool Gazette, the experience will be similar to Soarin' at Walt Disney World in Florida.
Soarin' involves guests being sprayed with water and blown with wind while watching a corresponding segment of video so they feel as if they were really there.
In addition to the flying theatre, the new development will feature food halls and restaurants, new hostels and a public square that will host concerts, sports events and Christmas markets.
Elsewhere in the development, there will be a virtual reality experience and a gaming zone with arcade games, laser tag and fairground round rides.
The project, currently called Blackpool Central, is a collaboration between Nikal, Blackpool Council and Media Invest Entertainment, which owns the rights to the Chariots Of The Gods entertainment franchise.
Building won't start until 2020, with attractions delivered over four different phases. The first phase will open in 2024.
Sun Online Travel previously rode the terrifying new Icon rollercoaster at Blackpool Pleasure Beach – with a GoPro headset on.
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