The hunt has started to find developers and investors to back the regeneration of two key sites in city centre.
Property consultancy Bruton Knowles has been enlisted to conduct and manage the project and to advise on future delivery options for the brace of sites.
Wolverhampton City Council is conducting a 'soft' market test to seek feedback from potential partners on options for the redevelopment of Westside and Southside.
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Westside is the largest, single mixed-use development opportunity in the city centre and is situated to the west of Wolverhampton's core retail area.
It is split into two separate sites and has a combined area of 7.36 acres, the majority of which is owned by Wolverhampton City Council.
Southside is situated immediately adjacent to the city's main shopping district and covers an area of 4.34 acres.
Plans to bring forward the sites for regeneration form part of the 'City Centre Prospectus' which was launched in July 2012 and sets out the council's aspirations to create a successful city centre.
More than £1 billion of public and private sector investment has already been committed to major regeneration projects including the new £60 million Sainsbury's superstore and the refurbishment, complete with a new Debenhams department store.
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Ian Mercer, head of development consultancy at Bruton Knowles in Birmingham, said: "These development sites offer considerable potential to provide the catalyst for further investment in Wolverhampton city centre.
"These opportunities, combined with the recent investments made in schemes such as Interchange, i54, and Building Schools for the Future, highlights how proactive and successful the city has been during the recession and also what potential there is in Wolverhampton.
"The soft market testing represents an important early stage in the delivery of these key regeneration sites.
"The results will assist in determining the most effective way of packaging and releasing these sites to the market to maximise their impact particularly in relation to the city council's economic regeneration ambitions, and the appropriate procurement route."
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