Plans are being drawn up to create a leisure park complete with nine screen cinema, six restaurants and a coffee shop in Burnley town centre.
The multi-million pound development has been earmarked for the former Pioneer site, off Active Way, currently being used as a car park.
Experienced leisure and retail developer, Terrace Hill, part of Urban and Civic plc, has bought the site from Burnley Borough Council.
A car park for 287 vehicles will also be created, which developers want to see completed by the summer of 2016.
Burnley Council leader Mark Townsend said: “This is excellent news and we will work closely with Terrace Hill to make this happen as quickly as possible. It’s part of a far bigger picture of investment in Burnley town centre which will transform the way it looks and make it even more attractive to shoppers and visitors.
“That includes investment by Addington Capital in refurbishing Charter Walk and creating larger stores, the development of town centre student accommodation proposed in the former Burnley College building, new apartments being created in the former courthouse next to the Pioneer site, and the investment in improving the pedestrianised area of St James’s Street and beyond.”
Duncan McEwan, head of retail development at the company, said: “The requirement for alternative developments in town centres is clear as shopping habits have changed, and leisure is the obvious addition. This will bring in families and provide vibrancy in the evenings and at weekends.”
Retail agents Brady and Co and Trevor Dawson have been appointed to market the scheme to leisure and restaurant occupiers.
Burnley Council chief executive Steve Rumbelow, said: “This is a positive move which would further boost the town centre. This is a statement of intent by the developers that shows they have exciting plans for the site.
“The proposed development is another sign of confidence in Burnley’s future and, a boost for the local economy.”