Mansfield District Council is to consider the funding package for building an innovative £2.4m retail and office development on the former Queen’s Head pub site in Mansfield.
The town centre plans, agreed in July last year, will again come before councillors at its Full Council meeting on Tuesday.
The former Queen’s Head pub was demolished in 2008 and the site is currently in use as a temporary car park.
The proposed new building will be funded by £867,567 of European Regional Development Fund and £1.6m of the Council’s own capital funds.
The building will incorporate green technologies, such as solar panels and a green roof.
The council says the development - three retail units on the ground floor and up to six office units on the first and second floors - would ‘be an iconic gateway to the town centre, enhancing the appearance of the area and complementing the new bus station’.
The building would be owned and managed by Mansfield District Council, and would be rented out to commercial and retail businesses.
Subject to Council approval on Tuesday, construction of the new building could start in spring 2012 and be completed by early 2013, in time for the opening of the new bus station.
Coun Kate Allsop, Portfolio Holder for Economic Regeneration, said: “The redevelopment of the former Queen’s Head site is an important part of a bigger plan to revitalise the town centre by bringing business and employment opportunities to Mansfield.
“This development will complement the new bus station, due to be completed in spring 2013, by offering visitors an even greater retail experience, as well as bringing more business opportunities.”