The council’s Cabinet Resources Panel members will be asked on Tuesday, January 16, to approve the establishment of an East Park Gateway Regeneration Programme.
The aim is to deliver better employment and residential opportunities in the area through investment in new industrial development and housing, and by making road and environmental improvements.
The programme covers the area north and south of the Willenhall Road/Horseley Fields, from the Wyrley and Essington Canal to Monmore Green.
It also links to other regeneration areas such as the Canalside Quarter and Heath Town.
External funding for the scheme will be sought from the Black Country Local Enterprise Partnership (LEP).
Councillor John Reynolds, Cabinet Member for City Economy, said: “This programme will enable long-term transformation for this part of the city.
“Early projects will act as a catalyst for change, prosperity and regeneration of the area bringing important social, economic and environmental improvements for the people of East Park.
“As part of the programme, economic activity in the area will be assessed, with the aim to capitalise on existing business strengths and establish strong links to the local workforce and community.”
The East Park ward currently comprises a mixture of housing, open space and industrial estates separated by a canal, rail and Metro routes, with strong connections to the city centre.
The council owns a number of assets in the area and specific zones have been identified for development.
There will be a phased approach to regeneration, with details of the scheme to be revealed as the programme progresses.