The three developers shortlisted to develop the former Greyfriars bus station site in Northampton all propose to build a mix of retail, leisure and homes on the four acre site.
Northampton Borough Council has announced that it has whittled the number of potential development proposals on the land down to just three following its call for expressions of interests in summer.
The chosen developers, who have not been named at this stage - have been selected to go on to the next stage and have now been asked to prepare detailed proposals and drawings for the site, with a deadline at the end of March 2016.
The borough council says their proposals will then be put on display to the public before a final decision on the preferred scheme is made by the authority’s Conservative-led cabinet later in the spring.
All three expressions of interest included initial suggestions for a “mixture of uses on the site including retail, leisure and residential,” a council spokeswoman said.
Cabinet member for regeneration, planning and enterprise, Councillor Tim Hadland, (Con, Old Duston) said: “We will be looking for an ambitious scheme that allows this site to fulfil its potential and brings value to the town centre for years to come.
“We have taken a very proactive approach to major regeneration projects through the Northampton Alive project, and schemes that are currently underway will transform the town.
“We expect an exciting scheme at Greyfriars that will open up the area and enhance the town centre as a whole. “A site on this scale in a town centre is a rare opportunity, and we are committed to getting the best scheme we can.”
The old Greyfriars building was demolished in March 2015, and work was then carried out to prepare the site for development.