Almost £7 million in new funding has been agreed to transform a derelict Black Country site into a mixed-use leisure and retail development.
More than 100 new jobs will be created when the land in Walsall town centre is brought back into commercial use with a 60-bedroom Travelodge hotel, drive-through McDonald's restaurant and three retail units.
The West Midlands Combined Authority has invested £6.9 million into the development.
The overall cost of the scheme will be £7.5 million and it is expected to create up to 130 full- and part-time jobs.
Work on the plot in Littleton Street West will begin in January by Worcestershire developer Cordwell Property Group following the cash injection from the authority's Collective Investment Fund (CIF).
The fund is a £70 million commercial development war chest set up by the combined authority to stimulate jobs, opportunity and growth.
Coun Izzi Seccombe, the combined authority's lead on finance and investment, said: "I am delighted we have been able to assist in bringing to life a derelict town centre site.
"This scheme will create more than 100 new jobs, a cornerstone of the combined authority's drive to create employment and the economic growth that underpins the future prosperity of the region."
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Coun Sean Coughlan, leader of Walsall Council and a member of the combined authority, added: "We are delighted that Cordwell has chosen to invest in Walsall town centre.
"The development will make a fantastic addition to the ring road corridor - creating jobs and offering further choice in the town centre for shoppers and visitors alike.
"It is very encouraging the momentum of regeneration in Walsall is continuing with such investment, complementing that already seen in the town centre and waterfront."
Tom Wilcox, director of Belbroughton-based Cordwell, said: "We are delighted to be working with the authority on this important gateway development.
"We are currently more than 80 per cent pre-let even before we start on site which shows operators' confidence in the scheme and in Walsall as a town.
"With recognised brand names already signed up and the positive interest shown in the remaining space available, we're confident the scheme will be a huge success."
Wright Silverwood of Birmingham has been appointed as letting agency for the scheme.