A development brief will be drawn up which will be put to the market to identify a private sector partner who will deliver the project.
The development will see in excess of 25,000 sq metres of floor space utilised to support the regeneration of the area and will include two hotels, shopping areas and car parking facilities.
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Social Development Minister Lord Morrow MLA said the appointment is a key step in the development process and he expects to have identified a preferred development partner by September 2016.
The Minister said: "The appointment of this multi-disciplinary team is another positive step towards bringing forward a comprehensive Regeneration Scheme for Bangor and in particular the run down area of Queen's Parade which is in much need of revitalisation and regeneration."
(CD/LM)
