A derelict two-acre site in Birmingham city centre is the target of a £15 million bidding war among developers.
The land off Great Charles Street, once reserved for a new coach station, is being put back on the market by the City Council following a flurry of interest from the private sector.
The decision to advertise the site for sale is a blow to developers AMEC, who have been attempting to negotiate a deal with the council to buy the land since the coach station proposal fell through.
Ken Hardeman, cabinet member for regeneration, took the decision to market the Great Charles Street site following approaches by several developers.
One company, which the council is not naming, is believed to have offered substantially more for the site than the council had expected to receive from AMEC.
Coun Hardeman ( Con Brandwood) said: "A presentation was put to us of a scheme in accordance with the aspirations we have for this site. The scheme could be delivered without delay and it stacked up financially.
"We want a quality mixeduse development that will increase the connectivity between the city centre and the Jewellery Quarter.
"We also want public car parking to replace the existing pay and display car park."
The council is not denying reports in the property press that the site is worth between £12 million and £15 million.
Coun Hardeman said advertising the site on the open market was the only way to fairly compare offers by AMEC and other companies.
A pre-requisite of any deal will be the replacement of the pedestrian footbridge across Great Charles Street with surface-level crossings.
However, he ruled out a proposal by Birmingham Labour councillors to use the money from the sale of the land to extend the Queensway road tunnels.
Labour believe the construction of a new tunnel and the partial pedestrianisation of Great Charles Street is the best way to reconnect the Jewellery Quarter and the city centre.