Oldham Council is set to choose a private developer to take on and deliver the Prince’s Gate at Oldham Mumps scheme.
The decision will bring new jobs to Oldham and bolster the town centre and its retail offer.
The local authority has received ambitious and attractive proposals from private investors.
A report will go to Oldham Council’s Cabinet on Monday 19 June, when members will make a final decision on the successful bid.
It is anticipated that the selected partner will then be announced in July. Further details of the scheme cannot be revealed at this stage due to their commercial sensitivity.
Jean Stretton, Oldham Council Leader, said: “This is fantastic news for Oldham. The reason we looked to deliver this vision ourselves was because of the importance of this site as a major gateway to Oldham town centre.
“It’s fantastic to see that our vision has inspired others and we now have offers on the table to deliver it in partnership with the council.
“This really shows that Oldham is open for business and is continuing to attract inward investment. This ultimately also allows us to get the very best value for tax payers’ money in delivering the scheme.
“We look forward to unveiling details of the winning bid – which is evaluated against a number of important factors which include benefit to local people, firms and economy – in July.
“This is set to be a key redevelopment project for Oldham and is another exciting step forward in transforming our town centre.”
Central to Prince’s Gate will be a new retail development with around 150,000 sq ft of new space, business units and up to 800 homes and 700 car parking spaces.
Marks & Spencer was scheduled to take up some of the new retail space but announced in November 2016 that it will not be taking up its option.
It came after the firm had reported falling sales and profits in the six months to the end of September.
More information can be seen by visiting www.oldham.gov.uk/princesgate