Stoke-on-Trent City Council is working with developer Capital & Centric to create a new urban quarter next to the city’s main train station.
The plans will involve the Swift House site, which is owned by the council, being renamed The Goods Yard and transformed with around 180 new homes, a 150-bed hotel, 25,000 sq ft of workspaces and 10,000 sq ft of retail and leisure space.
It will be opened up to the public as a workspace and leisure venue that will be known as Vaults Warehouse. While plans continue to be drawn up, the intention is to attract pop-up operators to the site as soon as possible.
Councillor Abi Brown, leader of Stoke-on-Trent City Council, said: "We’ve seen so many positive and exciting developments in recent years but for me, this is the one that really grabs the headlines and will redefine the future of Stoke-on-Trent.
"There was a time in the past when we could only have dreamed of attracting an award-winning developer like Capital & Centric to come and work in the city, so I think it speaks volumes for how far we have come, our ambition and the direction we are moving in."
Tim Heatley, co-founder of Capital & Centric, added: "We have got the opportunity to create something really special here that can transform this part of the city.
"This will be a new urban quarter, with design led homes, a hotel, and spaces for local businesses to locate. We’re also looking to open the stunning basement vaults that sit alongside the canal up to the public, with maybe a waterside bar or restaurant.
"High quality, outdoor public space will connect the site to the wider area and draw people in, creating a vibrant new destination. While we’re working up the plans, we’re looking for pop ups to use the space so if you’ve got an idea, get in touch."
Stoke-on-Trent City Council similarly hopes to connect the site by water-taxi to Stoke City's bet365 Stadium, a mile away.