South Lanarkshire Council has regained ownership of the Centre West site in East Kilbride town centre.
A demolition contractor is due to begin work in the new year, a key step in delivering the wider town centre Masterplan.
Clearing the Centre West site will create a new council-owned development plot, with current proposals allowing for between 250 and 300 new homes, a quarter of which would be for social housing.
Plans also include a new Civic Hub offering community, arts and leisure facilities, including an arts venue/performance space.
A new Civic Square and streetscape improvements aim to boost the quality, vibrancy and overall feel of the town centre, with potential for new retail or other ground-floor units.
The Centre West project is one element of the Masterplan, which also features proposals for a supermarket, a hotel, additional leisure opportunities and investment in the Malls.
Council Leader Joe Fagan said: "The aim of the Masterplan is clear – to provide a vibrant, new heart of East Kilbride that everyone who lives in or visits the town can be proud of. I always said East Kilbride faces a choice of two futures – radical change or radical decline.
"We chose radical change and now we can get on with building a better future for the town.
"I'm delighted with how things are progressing and the positive impact the changes will have on the town centre."
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