A £100 million deal between Tesco and Walsall College has been signed, marking the start of proposed regeneration in the town.
The contract will see the building of a business and learning campus as part of 'Walsall First', an initiative between the college, Tesco, the Walsall Regeneration Company (WRC) and Walsall Borough Council.
It was one of eight major transformational schemes identified in WRC's Prospectus for Growth, launched this week as a regeneration framework that aims to deliver more than 5,500 new jobs to the borough.
The schemes will see about £755 million in public and private sector investment and more than 1,600 new homes built during the next ten to 15 years. It will be part funded by the Black Country Learning and Skills Council.
In addition to the proposed plans, Walsall will also see the arrival of a new Tesco Extra store. The company has agreed on a land swap with the college, which will release land on Littleton Street for the new campus and will allow Tesco to relocate to the existing college site at St Paul's.
Although the proposals are in the early stages, a public exhibition to showcase what the development will look like will be held next week at Walsall College.
David Hall, Tesco's development executive for the site, said the initiative would lead to an increase in jobs.
Dr Peter Cromar, chief executive of WRC, said: "This is excellent news for Walsall. The combination of a high quality retail offer with a major investment in business and learning provides the impetus Walsall needs to fulfil its role as a vibrant 21st century market town."
The existing Walsall campus has been in use for more than 50 years and the college came under attack last month when 500 lecturers were sacked and asked to re-apply.
