Developer Urban Splash has called for "seriously exciting" architects to enter an international competition to plan for the second phase of the Walsall Waterfront scheme.
The winning architect will design the 2.26-acre site, said Nathan Cornish, managing director of Urban Splash Midlands.
Mr Cornish, who made the announcement yesterday at MIPIM, said: "Whether they are a one-man band or the biggest architect in the country we want to hear from them."
Urban Splash is already on site with the first phase of Walsall Waterfront which includes two buildings designed by SMC Alsop and separate schemes by shedkm and Feix Merlin.
The architects have until May 30 to submit site plans, site sections and elevations.
A shortlist of six will then be displayed in Walsall before a decision is made in late summer.
Alsop will sit on the judging panel for the second phase design alongside Glen Howells, Hazel Rounding from shedkm, and representatives from partner organisations Advantage West Midlands and Walsall Regeneration.
The winning architect will be expected to create a new town quarter for Walsall comprising apartments, offices, retail and leisure spaces and 630 spaces for car parking as well as high quality public spaces.
Tom Bloxham, chairman of Urban Splash, said the aspirations for the site were high and the competition judges would be looking for excitement, flair and imagination "to give Walsall a defining piece of architecture".
A sustainable design was important, said Stuart Kirkwood, development director at Advantage West Midlands, and the creation of a world class development was vital to the future of Walsall as a thriving, vibrant market town for the Black Country and the wider West Midlands.
Ben Reid, chairman of Walsall Regeneration Company, said: "We now have work under way on the Waterfront, a new hospital and a new college and plans have been submitted for a major business centre.
"All this brings new confidence to Walsall."