South Tyneside Council is seeking a partner to develop a £200 million site in South Shields.
A procurement exercise has been launched to secure a development partner to work alongside the council to deliver high quality office accommodation, residential and mixed-use development.
An 11.5-acre section of the site was last year awarded Enterprise Zone status, which allows businesses to benefit from financial incentives and streamlined planning regulations to aid growth.
The North East Local Enterprise Partnership (LEP) successfully developed the Enterprise Zone bid as part of its drive to kickstart the local economy and support the region's high growth industries.
The council will also begin site investigations in the New Year to help form a ground preparation strategy ahead of work beginning.
Councillor Iain Malcolm, Leader of South Tyneside Council, said; "This is an exciting opportunity to bring forward high quality office, residential and leisure development.
"Our South Shields 365 masterplan is coming together with the opening of The Word and the completion of phase one, and our vision for Holborn is just as ambitious.
"We've made fantastic progress developing the riverside in recent years, with Trinity South, One Trinity Green, Harton Quays Park and One Harton Quay and this is the next piece of that jigsaw."
Martin Swales, Chief Executive of South Tyneside Council, added: "The Holborn project will complement the significant regeneration and investment that has already gone into revitalising South Shields and creating a sustainable future for the town."
The site is predominantly former industrial land running along Commercial Road.
The council expects to formally appoint a partner in summer 2017, subject to receiving satisfactory bids, with construction work set to begin in 2019.