Around 700 new jobs could be created at the former British Sugar site in Kidderminster and a satellite college or university may also be built on the land.
Developers Cill Dara Property Partnership have held talks with members of Wyre Forest District Council about how the derelict site might best be developed.
Officials are now hoping plans for phase one of the development could start within the next two years.
They envisage the complete site at Stourport Road being developed within the next decade.
Cill Dara is now drawing up a masterplan aimed at turning the area into a strategic employment site and are looking for ideas from companies interested in taking space.
As part of the consultations the developers hosted a community dinner at the Stone Manor Hotel on the outskirts of Kidderminster to put forward their vision.
It included the possibility of a link with a nearby university, which could see a satellite college developed where people could be trained in a link with new technology companies.
Wyre Forest District Council is keen to see the site redeveloped to provide hi-tech and high-paid jobs.
Mr Peter Burford, spokesman for Cill Dara Property Partnerships, said: “This is a big site of more than 60 acres and we want to share the council’s objective for creating careers rather than just jobs.
“This is not a factory site and will be able to cope with all sorts of developments and there is a labour supply we can tap.
“We also want to bring in training and create a link between education and industry.”
Council leader councillor John Campion said: “This is an exceptionally large site and we hope it could provide 700 jobs or more. The important thing is to negotiate the type of developments we would like to see to bring economic regeneration to this site.”
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