BURY Council has formally agreed to buy the Mill Gate centre as a key part of multi-million-pound proposals to regenerate the town centre.
It has also decided to set up a Joint Venture partnership with developers Bruntwood, one of the UK's leading property providers and town centre regeneration pioneers, to deliver the proposed project.
The move has been described as a 'once in a generation' chance to create new housing, employment, retail and hospitality opportunities, along with new health and education facilities.
In a statement the council said: "These are huge proposals, but an opportunity that we cannot miss. Local jobs, businesses, public services and the very quality of people's lives depend on us taking the initiative, with all partners and agencies working together to deliver prosperity for all.
"Our plans for the Mill Gate centre will complement initiatives for a new flexi-hall on Bury Market and improvements in the wider area, plus a new transport interchange, aimed at 'future proofing' the town centre against the challenges posed by the changing retail landscape."
The plan is one of several regeneration projects across the borough. Plans to regenerate the heart of Radcliffe are under way, following the council's bid for £20m to build a multi-purpose business and leisure hub there, complemented by a new high school.
Major plans to transform the Longfield Centre in Prestwich are moving forward and a public consultation exercise has been completed on improvement plans for Ramsbottom.
Whitefield, meanwhile, is also set to receive expert support from the High Streets Task Force.