BURY Council is set to buy the Mill Gate shopping centre from its private owners as it looks to drive forward a massive regeneration plan for the town centre.
It describes the plan as a "once in a generation" chance to create new housing, employment, retail and hospitality opportunities, along with new health and education facilities.
The 15-acre site is currently owned by InfraRed Capital/HSBC, and the council is exploring setting up a joint venture partnership with developers Bruntwood to deliver the proposed project.
The news comes after the borough won £20million from the government's Levelling Up Fund to build a new flexi-hall on Bury Market and improve the wider area.
A further £45m is expected to be received for a new transport interchange, and the council says the plans will complement Bury's Rock development and will "futureproof" the town centre.
Council leader Eamonn O'Brien said: "These are huge proposals, but an opportunity that we cannot miss."
A council report says the town centre has historically attracted significant investment such as the private sector-led development on The Rock.
However, because of local and wider trends, several major challenges need to be addressed. They include changing retail patterns and Bury's lack of night-time economy.