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.

Up to 15,000 riders are taking part in the Velothon Wales race through Cardiff, Newport, Torfaen, Monmouthshire and Caerphilly.
There had been criticism of road closures, with claims businesses could lose thousands of pounds in trade.
Velothon Wales' event director said the area had been quickly cleared.
Andy Taylor said: "We can confirm that a small amount of tacks were discovered at around 9.30am on isolated sections of the route at Belmont Road in Caerleon and 10.02am at High Street/New Road in Caerphilly."
Velothon rider Mark Tonkin, who travelled from Cornwall to take part in the race, said he witnessed a cyclist getting a punctured tyre from a tack.
"A guy punctured on a downhill piece and he could have taken out 50 riders. They could have been in hospital," he said.
Mr Tonkin said he could see why people might what to show they were "upset" about disruption the event caused.
"But to throw tacks down, to endanger people's lives, is not the way to do it," he added.
Cyclists and charity fundraisers from all over the UK and Europe are taking part in the event, which also includes a professional race.
Earlier, race organisers said road closures meant motorists could face disruption but affected routes would be reopened on a rolling basis to ensure minimum disruption.
Amateur riders are taking on either a 140km (87-mile) or 50km (31-mile) route, whilst the professionals tackle a 194km (120-mile) route taking in Caerphilly mountain and The Tumble mountain in Abergavenny.
On Thursday, Velothon organisers admitted confusion over who had been consulted about the route, after Monmouth MP David Davies accused them of lying.
But while some have criticised the planning of the event, others have said it will be good for the area, including Cardiff where it starts and ends.
Mari Williams, of pro-cycling group Cardiff Cycling City, said: "It's great to see so much attention on cycling in Cardiff. We want Cardiff to be the best cycling city in the UK every day of the year.
"A city that's good for cycling is good for business. Cycling to work boosts productivity, improves staff retention and reduces travel costs."

Emergency services were called to the collision between a Nissan Qashqai and Vauxhall Corsa on the A308 Marlow Road near Maidenhead on Wednesday.
The driver of the Vauxhall - a 38-year-old woman - was taken to hospital with life-threatening injuries and died in hospital on Monday.
A nine-year-old girl in the same car was taken to hospital with serious injuries and has since been discharged.
The three occupants of the Nissan all sustained minor injuries.
No arrests have been made in connection with the crash.
A £50m shopping centre has opened on the site of a former steelworks creating up to 900 jobs, according to the developers.
[NEXT_CONCEPT]
Cyclists taking part in a major race in south Wales were forced to carry their bikes for a time after a small amount of tacks were discovered on the route.
[NEXT_CONCEPT]
A woman has died from her injuries five days after a car crash in Berkshire.