Sheffield Council leaders are planning to completely change the industrial Attercliffe area of the city into "a 21st century entrance for England's fastest growing city".
Over the next 20 years they want to transform the Lower Don Valley – making it one of the most talked-about areas outside London.
Already known as Sheffield's sporting area – housing the city's Don Valley Stadium, the Hallam FM Arena, IceSheffield and the English Institute of Sport – planners want to use this to create a "sporting boulevard" for Sheffield.
Attercliffe is also home to Valley Centretainment – an out-of-town cinema, restaurant and entertainment area.
The plan is to link this, the sporting complexes and Meadowhall shopping centre in one big area, even re-routing the Supertram network through its heart. On top of this planners want to build thousands of homes, creating a retail and residential avenue leading all the way to Meadowhall.
Other proposals include the building of one of the country's first Las Vegas-style "super-casinos", although this is still up in the air, depending on what happens in tomorrow's General Election. Labour had planned to see up to 40 such venues across the country, but had to slash these to just one following a Lords ruling, although the plans could be back on the cards should Labour win.
The plans are expected to take the best part of 20 years to complete, but council officials are confident the majority of the scheme could be built within the next decade.
John Mothersole, executive director for development, environment and leisure, said: "Over the next 20 years, the Lower Don Valley will be transformed into an attractive, safe and healthy place to live, work and visit.
"A vibrant and exciting new mix of community facilities and leisure, retail, office and business locations will act as anchors for the area's new residential communities. The Lower Don Valley will become a 21st century entrance for England's fastest growing city and the most impressive regeneration story yet."
However, the move comes just weeks after Sheffield Council gave the thumbs down to similar plans by Rotherham Council. It wants to build the biggest indoor leisure and tourism development in Europe.
The £300m YES! project, near Rother Valley Country Park, would include the largest theatre outside London's West End, a four-star hotel, an extreme sports centre and a golf range.
But last month Sheffield council flatly refused to give its backing to the project, claiming it could impact on the city centre.
The matter will now be decided by the Government.
Canadian-based Urban Strategies Inc, which has put together the Sheffield proposals, has already received the backing of British Land, which owns much of the land under focus.
However, council chiefs last night agreed that much more work still needed to be done on details of the proposals, which they say at best are "aspirational".
Cabinet will consider the proposals next Wednesday.
emma.dunlop@ypn.co.uk