The rest of the first phase, expected to be completed next spring, is expected to include the redevelopment of the lower Seam and the creation of a new park and gardens.
Most of the funding for the phase had been sourced from the government’s Future High Streets Fund, which the council said had “strict criteria as to what the money can be spent on”.
It added that bids for the funding had to demonstrate a “clear vision for the future of high streets and town centres, and demonstrate an ability to attract private sector investment”.
Future phases include an ambition to develop a new hotel and a multi-storey car park with capacity for 292 vehicles.
Houghton said: “We want this site, which is at the heart of the mission in our Inclusive Economic Growth Strategy, to become the UK’s leading digital town.
“Achieving this will help create more and better jobs, build a lifelong digital pathway for residents to benefit from, and drive inward investment.”