Expressions of interest are being sought from developers interested in redeveloping Clitheroe Market.
Research into the viability of the proposed redevelopment was presented to Ribble Valley Council, which owns the site, in June.
Now the process to select a development partner in line with the council’s procurement procedures is underway.
Expressions of interest in developing the market site are invited by October 31, after which there will be a tendering process.
Colin Hirst, Ribble Valley Council’s head of housing and regeneration, said: “We are looking for practical and imaginative proposals that bring forward significant new retail space to attract quality operators with complementary tourism and leisure development, such as a hotel. This is a fantastic opportunity to bring modern retail and leisure facilities to Clitheroe town centre, and the proposed scheme is generating strong interest.”