Work is expected to start within the next few months, rejuvenating a site that has lain empty and derelict for more than a decade.
The plans for the four units, totalling around 240,000 sq ft, have been unveiled by commercial developer Stoford and its partner Bridges Fund Management.
They have submitted proposals to Wolverhampton Council to build the units on the Pantheon Park site - 18 acres of reclaimed former industrial land on Wednesfield Way across the road from the Bentley Bridge retail park and a Sainsbury's superstore.
Work on the site could start as early as January once detailed planning consent is secured, with the warehouses completed by autumn next year.
It follows around three years of demolition and clean-up work on the former industrial site, which had previously sat unused for more than 10 years.
Under the proposals, the units would be 30,000 sq ft, 59,050 sq ft, 68,830 sq ft, and 82,850 sq ft, each with integral offices, parking provisions and service yards with institutional dock/level access.
As well as generating 'significant' local job opportunities, the developers believe it will stimulate fresh inward investment in the area.
Stoford’s development manager Angus Huntley said: “Our proposals represent a high-quality development of four industrial/warehouse units which will help to promote and support employment growth and stimulate economic investment in the area.
“It is anticipated that the proposed development will act as a catalyst for further regeneration to create a large number of new jobs and significant investment for the local community.”
He added: “It is well documented that there is huge pent-up demand across the region, and indeed across the UK, for high quality industrial units as businesses expand or relocate. We are confident these units will attract good interest.”
It follows the recent planning consent granted for one of the UK’s leading car dealership groups to create a major new car sales site at Pantheon Park.
Arnold Clark, which has more than 200 dealerships UK-wide, is investing millions in the four acre site which is expected to create 85 new jobs.
The extensive clean-up work on the site has been supported by a loan of more than £2 million by the Black Country Local Enterprise Partnership, the body made up of council chiefs and business leaders with the job of encouraging investment and growth in the area.
Guy Bowden, partner at Bridges Fund Management, added: “Pantheon Park is a great example of a development that is responding to strong commercial demand while also having a powerful positive impact on the local area.
"Our remediation work – highly praised by the City of Wolverhampton Council – has revived a site that’s been vacant and unloved for more than a decade.
"We’ll employ the latest sustainable construction techniques. And we expect that the development will ultimately generate up to 250 local jobs.”