The project will include a significant expansion of Penneys, a 14-screen cinema and a 190-bed hotel.
Traders and members of the public were briefed last night about the massive redevelopment, which will make the shopping centre one of the biggest in Munster.
Local residents raised concerns about chronic congestion on the Bishopstown Road, which already suffers from heavy traffic volumes linked to Cork University Hospital.
Architect Turlough Clancy, working on behalf of Clarendon Properties, said the issue was being addressed.
“The bulk of the traffic will be on Sarsfield Road. We realise there is an issue with traffic and what we are offering is a new entrance on Sarsfield Road, directly into the multi-storey,” Mr Clancy said.
“Overall there will be 1,700 car parking spaces available when completed. The idea is to take traffic off the Bishopstown Road.”
There were also concerns among traders that Penneys would close during the works.