Stockport's former BHS store is to be snapped up by the council as part of a continuing bid to reinvigorate the town centre.
Talks with two potential new tenants - thought to be well-known high street names - are said to be 'at an advanced stage'.
Provided these do not fall through, and the authority's finance chiefs are assured of a 'solid business case', the acquisition will go ahead.
It comes after council chiefs gave the go-ahead to buy the building at a cabinet meeting.
BHS went bust in 2016. The Merseyway store was then let out to Poundland by the current owner.
It is understood the discount store would leave the premises should the council take control of the building.
The site would then be divided in two and let to the pair of retailers currently in negotiations with town hall bosses.
Read more of today's top stories
There would later be a phase of refurbishment of the 'dated and scruffy', including a 'significant capital outlay' to improve the appearance and condition of the building.
Councillor Kate Butler, cabinet member for economy and regeneration, says exciting times lie ahead for the town.
"I think it's huge if it comes off. We are at an advanced stage of negotiations and things are going well," she said.
Coun Butler was unable to disclose how much the purchase will cost, or which retailers are in talks for reasons of commercial sensitivity.
But of the prospective new tenants she added: "They are well known successful operators.
"What's really important to note is that - while town centres and high streets are struggling up and down the country - there are operators that are actually doing okay.
"Our approach has been to support struggling ones where we can but focus on attracting operators that are managing to make high streets and town centres work for them.
"I think people will be pleased when they see who the operators are."
She added that 'splitting the site in in two' had made it more attractive for retailers, as demand was now for mid-range rather than 'big box' premises.
When the council acquired Merseyway Shopping Centre in 2016, BHS was not part of the deal. Coun Butler believes there is now a great opportunity to exploit further 'untapped potential'.
"It just follows our way of working since April 2016," she said.
"Market Place and Underbanks have moved from being a forgotten, neglected part of town to the heart and soul of the town centre.
"And bringing a building like BHS back into use with two quality high street retailers just furthers our ambition and sets out our vision - that we have confidence in Stockport and are prepared to invest."
Unbelievably, people have been setting off FIREWORKS on the scorched moors
