Stoke-on-Trent City Council have announced their plans to demolish the East-West precinct to kick-start development on the city centre site.
Stoke-on-Trent City Council has plans to spend around £4 million to buy the site and demolish buildings.
The plans are being made in the interests of businesses, residents, visitors and the city centre’s image.
A report will go before a special meeting of the council’s cabinet on 2 October.
After this, Council leaders are set to give the go ahead for the necessary land acquisition and demolition.
The move would see the council buy a number of individual properties or land to gain control of the majority of the site.
Councillor Daniel Jellyman, Cabinet member for regeneration, transport and heritage at the city centre, said: “The decision by Realis Estates not to pursue their Unity Walk development while disappointing presents the council with a unique one-off opportunity.
“This is a site with huge potential, linking the excellent Potteries Centre and Hive with the burgeoning Smithfield development.
“We want a development that matches our ambition and aspiration for the city.
“It has to be something that complements what we already have and gives people a reason to come to the city centre.”
These plans are subject to final agreement at a full council meeting on 18 October.
Demolition work could start on site as early as January. The site would be cleared and a car park built for short-term use.
This will provide extra parking spaces for the city centre and additional income for the council to reinvest in services.
The council will then begin looking at the long-term options of the site. These include community, leisure, commercial and residential developments.
Councillor Ann James, Leader of Stoke-on-Trent City Council, said: “This is about leadership. Our track record shows we get things done and that helps to attract private sector investment.
“That’s exactly what we want to see here. We would welcome the views of both residents and businesses once we have looked at all the options for the site.”