The council has published a development prospectus for the transformation of the historic industrial area on the edge of the town centre into a 1m sq ft mixed-use scheme.
The development has a potential value of £175m when built out over the next 10 to 20 years, according to the brief. The initial development agreement would run for 12 years with an option for another eight after that.
The area covers 7.2 acres around Sandygate and is designated within the Canalside Conservation Area straddling the Leeds-Liverpool Canal.
The developer would take on numerous standing buildings as well as cleared sites. Buildings range from small former pubs to large mills, most from the middle of the 19th Century and some are Grade 2-listed.
Last year the North West Development Agency awarded Burnley Council £4.9m to acquire land and premises from four parties in the Weavers' Triangle area of Sandygate. The NWDA said the investment recognised Weavers' Triangle as one of the best preserved and most important Victorian industrial districts in the North West.
The council said it wants to create a mixed-use development with a strong identity offering the full range of commercial, residential and leisure space.
The development should reconnect the area to the town centre and to surrounding communities and reduce the impact of vehicle traffic.
Grant funding approvals are in place from various public bodies, Burnley Council added.
Cobbetts LLP advises Burnley Council.