North Lincolnshire Council is to spearhead an initiative that could generate around 250 jobs, provide 140 new affordable homes for families and older people and bring millions into the economy through employment and business opportunities.
The authority is set to complete a major 500 acre land acquisition just off Junction 4 of the M180, close to Forest Pines roundabout.
The land in question is Vale Farm and is between Forest Pines roundabout through to the junction at Scawby crossroads.
Plans could include improvements to road infrastructure and enhanced local sporting facilities.
Proposals will include ongoing agricultural use.
Coun Rob Waltham, leader, North Lincolnshire Council, said: “This presents an exciting opportunity.
“The land acquired is strategically placed, close to the M180 so will mean easy access to the motorways.
“It will provide essential jobs, homes and community sporting opportunities to our area.”