Bolton could receive a £36m cash injection if two funding bids are successful.
The town hall has submitted two bids to the first round of the government’s Levelling Up Fund.
One of the bids is for £20m, which would be spent on the building of the state-of-the-art Bolton College of Medical Science (BCMS).
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Run by the University of Bolton, Bolton Council, Bolton College and Bolton NHS Foundation Trust, the college will aim to create more than 20,000 apprenticeships during its lifetime and help train 60,000 medical professionals.
BCMS will be based at Royal Bolton Hospital and is expected to open in 2023.
Another £16.2m would be used on demolishing and redeveloping the west side of the Crompton Place shopping centre, in Victoria Square.
The site will eventually be transformed into a 110-bedroom hotel, 150 homes, office space and a mixed-use retail, leisure and dining space.
Both bids have been supported by Bolton MPs Mark Logan and Yasmin Qureshi.
Bolton Council’s Deputy Leader, Councillor Martyn Cox said: "These bids highlight the council’s priorities and vision for the borough, bringing leading employers into the town centre and training new generations of health professionals.
"If successful they will bring new jobs into the area and boost our local economy by creating additional demand for retail, hospitality and leisure services.
"Bolton has already successfully bid for grants from both the Towns Fund and the Future High Streets Fund. We will continue to take every opportunity to secure additional funding for projects across the borough.
"We are now reviewing a number of exciting projects with a view to submitting more bids for the next round of the Levelling Up Fund.”
A decision on successful first round funding bids is expected in September.
