Sheffield City Council has appointed the Extreme Destinations-led consortium to create a 48-acre sports, leisure and entertainment complex at the Parkwood site.
The Alpine-themed site in Parkwood Springs closed after a major blaze in 2012.
The site has been hit by dozens of arson attacks since it was shut down.
An initial 100 new full-time jobs are expected following the re-instatement of Sheffield’s much-loved ski slopes and mountain bike tracks in phase one of the project.
Sheffield City Council and Extreme Destinations have teamed up with leading UK facilities operator Continuum Attractions for the project.
Adventure sports facilities could include an indoor sky diving facility. Also planned is a live music, e-gaming and virtual-reality hub as well as a restaurants, bars, social spaces, shops and themed accommodation.
Coun Mazher Iqbal, Sheffield City Council’s cabinet member for business and investment, said: “Bringing Sheffield ski village and the surrounding area back into use as part of a truly global package of sports facilities, hotels and other leisure pursuits is a fantastic outcome for the team at Sheffield Council that has worked to secure a preferred developer with Extreme’s experience in delivering leisure based schemes for many years. There’s still plenty of work to do but by appointing our preferred developer we are one step closer to bringing the much loved ski village back into use.”