The council is planning to bring in a development partner to build a new neighbourhood near the town centre and the waterfront.
It has begun discussions with the various owners of the four hectares of land earmarked for the project with the aim of reaching voluntary agreements to acquire the land.
Great Yarmouth Borough Council leader Carl Smith said: "This area is an eyesore and has blighted the entrance to the town from the A47 and from the train station for too long. We are proposing to make generous offers to landowners with incentives to encourage them to engage with us and very much hope we can reach agreement with those affected.
"There is so much potential with the river and Breydon Water on one side and the close link into the town centre on the other. We are determined to unlock that potential for the benefit of the whole borough and to make this key entry point into Great Yarmouth a vibrant new neighbourhood for residents and visitors."
A prior information notice (PIN) has been published to invite interested parties to a developer awareness event on 13th September 2023 which will set out the development objectives for delivery of the scheme.
The council says that having securing £20m Levelling Up funding, there is momentum building for the North Quay development opportunity site, which is close to the railway station and Market Place – the latter currently undergoing transformation with a new covered market, public realm and a new university campus.
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