Heart of the City II - a £500 million transformation of Sheffield city centre - will be better than the original scheme, says the council.
The huge development will be built on 1.5 million sq ft of land between Pinstone Street, Barker's Pool and The Moor and include shops, two four or five-star hotels, Grade A offices, apartments, leisure venues and a high-end food hall, all set around tree-lined streets and public spaces overlooked by rooftop bars and cafés.
The original scheme Sevenstone stalled during the recession and was abandoned five years ago when the council parted company with developers Hammerson.
But Council Leader Julie Dore believes there was a silver lining to the original scheme being scrapped.
She told a meeting of the council’s Cabinet: “This is very different to the original scheme which we set out 10 years ago and it will be interesting to see if that delay, after the financial crash, actually benefits us because we have this new plan.
“I believe we are now going to have a better scheme. The original scheme was standard out-of-town type retail but I like sauntering around a city where you can see what other things it has to offer.
“We are in a position to get something better for our city centre and to incorporate its industry and heritage.”
Department store will John Lewis stay in its existing premises, which are likely to undergo a revamp, a new 500-space car park is on the way, while the Grade II* listed Leah's Yard - a historic complex of 'little mesters' workshops on Cambridge Street - is to be fully restored to become a home for creatives.
The first Heart of the City brought the Winter Garden, Millennium Gallery, Peace Gardens and the offices of St Paul's Place.
In the latest plans, the council is again acting as the developer alongside its partner, real estate firm Queensberry.
Designs have been drawn up based around nine 'blocks' which will be delivered in phases to speed up progress. It is hoped work will start by the end of this year, with overall completion expected by 2024. Around 500 construction jobs will be created and, once built, the scheme will support up to 7,000 jobs.