A joint venture to lead the £1.9 billion Smithfield redevelopment in Birmingham has been agreed by council chiefs.
The authority’s cabinet ratified the proposed JV with Lendlease at its latest meeting, meaning it will be finalised early next year if the board of Lendlease also agrees to enter into it.
The long-mooted Smithfield project contains plans for more than 2,000 homes, a new home for the historic Bull Ring Markets, shops, a hotel and a new public square to be used for activities including festivals and community events.
Along with the JV, the city council’s cabinet agreed a compulsory purchase order for parts of the 42-acre site it does not already own.
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Council leader Coun Ian Ward said: "Birmingham Smithfield is a really significant development opportunity here in the city of Birmingham and the city centre specifically.
"I believe it is the largest mixed-use regeneration opportunity in the whole of Europe.
"So it really is a once-in-a-generation opportunity to define and celebrate the next chapter of the city’s transformation.
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"The development will anchor and expand the city centre, facilitating long-term economic and social prosperity within the city."
Smithfield will be developed on the site of the former Birmingham Wholesale Markets which relocated to a new purpose-built site in Witton in 2018.
Work on a planning application and full public consultation will begin once a contract has been finalised with Lendlease.
Bek Seeley, Lendlease’s managing director for development in Europe, added: "This is an important step forwards for a project that will provide remarkable opportunities for future generations of residents and businesses in Birmingham.
"A great deal of work has already been carried out to get the project to this stage and we’re looking forward to being able to share ideas and collaborate with the wider community next year to bring to life this fantastic centrepiece for Birmingham’s future."