Work on the murals is already underway by Swindon-based artists Caryn Koh, Ed Poster and Dayna Baxter.
The design of each artwork was informed by the area’s history, architectural features and former uses, organisers said.
Helen Salter, Artsite’s public art project manager, grew up in Swindon and recalled memories of “visiting the toy shop Beattie’s and the legendary Fleet Street Market”.
“Working with talented artists and local businesses, the project is community-driven at its heart,” she added.
Leader of Swindon Borough Council Jim Robbins said underinvestment in the area, boarded-up shops and well-known hospitality venues closing down had contributed to the decline of the street.
He said the council was encouraging development of the area and urged landowners to use already-granted planning permissions.
“We’re excited to be working with Artsite to brighten up the area and bring a vibrancy to a once-loved area of the town,” he added.