Advantage West Midlands has submitted official planning applications for the £176 million Bilston Urban Village development to Wolverhampton City Council.
The flagship scheme will transform around 100 acres of derelict brownfield land, including former scrapyards acquired by compulsory purchase order, into a thriving urban community over the next decade.
The project includes proposals to build around 1,000 new homes and community facilities including a leisure centre and health clinic, shops, offices and light industrial buildings, a new sports field and park.
A total of 940 jobs will be created.
Around 30 per cent of the new homes will be affordable under low cost/shared ownership and social housing for rent schemes.
Bilston Urban Village is a joint partnership between AWM and Wolverhampton City Council. It is also a priority project for Future Foundations, the regional development agency's North Black Country South Staffordshire Regeneration Zone.
Once planning and funding arrangements have been approved, AWM is set to start the first phase of a multimillion programme of land reclamation, infrastructure, servicing and public works next summer.
David Blake, director for the Black Country at Advantage West Midlands, said: "A priority of the Agency is the revitalisation of the region's city and town centres, creating high quality living and working environments.
"Bilston Urban Village will be a beacon of excellence in terms of sustainable development, incorporating modern, energy efficient buildings, built to the latest architectural designs, set in an attractive landscaped environment.
"The needs of the emerging new community will be of paramount importance and Urban Village management arrangements will be in place to maintain the development's quality and integrity and to ensure a safe, secure and pleasant environment."
Councillor Peter Bilson, Wolverhampton City Council's Cabinet Member for Economic
Development and Housing Strategy, said: "I am delighted to see this project moving forward.
"This is an exciting opportunity for Bilston, a 21st century development to be really proud of. I welcome the planning application, and I am confident it will breathe new life into Bilston."
Master planning and urban design services for the project were provided by Faulks, Perry, Culley & Rech, based at Lockington Hall, near Nottingham, working alongside engineering consultants Waterman Civils, of Solihull.
