The Fox Valley shopping centre at Stocksbridge, north Sheffield, started construction more than two years ago.
It has been built on the 28-acre former Outokumpu steelworks site.
The development, which features a large mural by local artist Pete McKee, was opened by the actress Joanna Lumley.
McKee has also collaborated on a large bronze statue called Granddad Fox at the site.
Samuel Fox founded a wireworks in Stocksbridge in 1842 and the name has been adapted by the new centre.
The artworks feature umbrellas as the site was a base for their manufacture.
More than 100 houses are also being built on a neighbouring site.
The site close to the A616 Stocksbridge bypass has been developed by Dransfield Properties Ltd, with a further phase to be opened in September.
A £50m shopping centre has opened on the site of a former steelworks creating up to 900 jobs, according to the developers.