The scheme, devised by Liverpool City Council in partnership with Neptune Developments, includes a hotel, shops, restaurants and student accommodation between the Crown and Vine Pubs which will create more than 300 jobs.
The first phase of demolition saw the remaining frontages on Lime Street taken down over a three week period as part of the clearance of the site, which lies less than 100 yards away from Lime Street station.
The street will be re-open by midnight on the evening of Friday, 16 September.
One building is still to be deconstructed – which will require temporary closure of the pedestrian footways – then construction will begin on the new buildings, with the project scheduled for completion in two years.
Councillor Malcolm Kennedy, Cabinet Member for Regeneration, said: “Lime Street is a vital gateway for Liverpool and this scheme will transform it, creating much needed new jobs.
“We knew this road closure would cause some disruption but it was absolutely vital to the project and I’m delighted this phase has been finished on time. Once this work is complete and the site is cleared, we will be able to get on with the construction side of the development and we are confident there will be no need for further closures.
“For millions of people Lime Street is the first impression they get of Liverpool and through this scheme, and future projects*, we aim to give them a welcome befitting of a dynamic European city.”
Developers are working with the city council to reflect the former Futurist cinema – which could not be saved because of its poor structural condition – in the development.
A planning application is expected to be submitted shortly to restore the ABC Cinema and transform the listed Art Deco building into a major live music venue and TV studio.