Development firm, St James Securities is to submit plans to build a £25m retail park at Dyche Lane in Sheffield, which could create 500 jobs.
The eight-acre Norton Campus will have to be demolished to make way for the project if plans are eventually approved by Sheffield Council.
Developers intend that a budget food store - such as the discount chain Aldi - would be the anchor for the development, which would also include a range of retail, leisure and food outlets.
They plan to submit a planning application in January, with a view to building work starting by the end of 2016. It is hoped that the retail park will be open by Christmas 2017.