An eyesore site in Birmingham city centre is to be transformed in a multi-million pound offices and hotel scheme.
Council bosses are close to concluding a deal to redevelop two acres of Great Charles Street, currently used as a car park.
Talks have been on and off with developer Abstract Land since it offered to buy the valuable site in 2006.
The credit crunch and economic turndown put paid to a swift resolution, but the land will now be developed in four phases over eight years.
Council cabinet members agreed in principle to a scheme that is expected to deliver offices, shops, a hotel and multi-storey car park.
The cabinet was told that more than 2,500 jobs could be created when all building work has been completed.
The land has a tortured history over many years and was once earmarked for Birmingham’s new coach station. That idea fell through after National Express deemed the project too expensive and decided to rebuild the coach station in Digbeth.
A deal to sell the Great Charles Street site to HGB Properties for about £23 million collapsed in the summer of 2006, but the council announced shortly afterwards that Abstract Land and Dandara were to acquire the land.
Council leader Mike Whitby said he hoped new government methods allowing local authorities to pay for infrastructure projects through tax incremental funding schemes and revenue from business rates, could be used to meet the huge cost of joining up the two Queensway tunnels.
Cabinet member for regeneration, Tim Huxtable, said the developer were keen to work with the council on a connectivity strategy.
Coun Huxtable (Con Bournville) added: “This is a strategically important site which is in the Jewellery Quarter conservation area. Any development will be handled in a sensitive manner.”