West Bar Square, behind Sheffield Crown Court, would be transformed into a huge complex including offices, homes, a four-star hotel, shops and restaurants.
Developer Urbo was granted outline planning permission for the project in February 2017 on the largely derelict site.
Now, Sheffield City Region is inviting businesses to get in touch who want to set up base in the 850,000 sq ft of office space as well as the 750,000 sq ft of apartments, hotel, cafés, restaurants and shops.
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A public inquiry was held on Tuesday where landowners and businesses were able to hearmore about the development.
Urbo wants to secure 2.97 hectares of land between the law courts and Corporation Street.
Businesses affected by the compulsory purchase order include car rental firm Europcar and Hawley's Tyres and Exhausts.
West Bar Square lies next to the Riverside Business District, where the Home Office and law firm Irwin Mitchell are based, and the development is the latest phase in the regeneration of what has become a rundown area.
Previous proposals for West Bar were drawn up by the company Castlemore.
But the business collapsed when the recession hit and a deal was signed with Chesterfield firm Urbo Regeneration.
The development is envisaged as the city’s ‘premier business destination’, providing large office buildings of type required by large occupiers such as law firms and technology companies.
The scheme will help to expand the city centre and will be based around a landscaped square, on a similar scale to Millennium Square and St Paul's Place.
Plans were also announced to turn the HSBC complex between Tenter Street and Silver Street head into a ciy centre quarter featuring flats, offices, bars and restaurants.
RBH Properties hopes to cash in on the city living boom with HSBC staff set to move to its new home on the site of the former Grosvenor Hotel, on Charter Square as part of the Heat of the City II scheme.
For more information on the development or to find out more about occupying any of the units visit www.westbarsquare.com