Northampton Borough Council is in discussions with Kier to build up to 60,000 square feet of commercial space in the town centre.
An area of land near the opposite the new railway station, known as FOUR St Peter’s Waterside, could be used as business space, with a capacity of 225,000 square feet, which could create hundreds of jobs.
If an agreement is reached with Kier, and the borough council’s cabinet approves plans for FOUR St Peter’s Waterside at its meeting on Wednesday, October 21 a planning application could follow in early 2016.
The borough council would underwrite a lease for half of the space over a 15-year period, and Kier would have the other half.
Councillor Mary Markham, leader of Northampton Borough Council, said it would be the first large-scale investment in commercial property in Northampton town centre for 20 years.
She said: “It would demonstrate our confidence in the Enterprise Zone, and in Northampton’s potential as a commercial hub for the Midlands.
“This is precisely the kind of activity that Enterprise Zones were created for, and the development would form an important part of our Northampton Alive regeneration strategy.”
The deal has been enabled due to an agreement from South East Midlands Local Enterprise Partnership (SEMLEP) for the lease to be covered by Business Rate Uplift from the Enterprise Zone, while the space remains vacant.
SEMLEP is responsible for delivery of the Northampton Waterside Enterprise Zone.
Dr Ann Limb CBE DL, chair of SEMLEP, said: “The Waterside Enterprise Zone has already proven its worth, and this development has the potential to capitalise on that success.
“Our board is ready to back this plan by Northampton Borough Council and Kier, demonstrating the confidence we all have in the FOUR St Peter’s Waterside site.”