Liverpool City Council will buy 55,000 sq metresÂ of dockland from Homes England for Â£1.
Councillors are expected to approve the purchase today (September 27), which they hope will trigger a multi-million-pound regeneration scheme on the site.
The council already holds the majority of the Kings Dock estate under three 999 year leases, which includes venues such as the M&S Bank Arena, the Convention Centre, Exhibition Centre Liverpool and Pullman Hotel as well as several plots of vacant land, including the former waterfront car park which was demolished following a fire on New Yearâ€™s Eve two years ago
Alongside Kings Dock, Liverpoolâ€™s waterfront has several projects in development including Festival Gardens along the south of the Mersey shoreline, a new Cruise Liner Terminal, the 10 Streets Creativity District, the Â£5bn Liverpool Waters scheme and a new football stadium for Everton Football Club.
Mayor of Liverpool Joe Anderson, said: â€˜This transaction for Â£1 ensures the future direction of the site and our intention is to market the sites as soon as possible by seeking expressions of interest this autumn.
â€˜Liverpoolâ€™s waterfront has blossomed over the past decade but we are not finished yet â€“ the next phase of development at Kings Dock will arguably be more transformational than what we have already achieved. Its growth will also help further cement the cityâ€™s growing global reputation as a great city for investment, leisure and to visit, work and live in.â€™
Earlier this week,Â Everton FC were praised for its public consultation into a new state-of-the-art stadium on Liverpoolâ€™s Waterfront.
The Premier League side is planning to build a 52,000-capacity ground at Bramley Moore Dock and a community-led regeneration project at its current home, Goodison Park.
The consultation process has now been praised by chief executive of the Chartered Institute of Marketing (CIM), Chris Daly and academics for its inclusive approach and desire to listen to the public viewpoint.
Photo Credit â€“ Christian Smith/Liverpool City Council