Stockport Council has completed the takeover of the Grand Central leisure park and will now begin the search for a development partner.
The local authority acquired the 30-acre site for around £15m from Deloitte, administrator of Targetfollow Property Holdings, a subsidiary of Targetfollow Group.
Lloyds Banking Group appointed Deloitte following the placing into administration of subsidiaries of Targetfollow Property Holdings.
The park contains a cinema, bowling alley, restaurants, a swimming pool and a gym. The council plans to create offices, a hotel and a multi-storey car park.
Cllr Dave Goddard, leader of Stockport Council, said he hoped to attract £100m of private sector investment for the development.
He added: "I have always said that we are committed to driving forward the regeneration of Grand Central and Stockport town centre. Today we have shown that we mean business. We have taken the initiative and put our money where our mouth is.
"We have weighed up all of the options, and decided that in the current economic climate, the best way to ensure the progress of the site is for the council to buy it. This will in turn boost the local economy and create jobs for local people.
"Our proactive approach to the redevelopment of the site includes working with private sector partners to build high specification office space, a hotel and multi-storey car park."
Stockport Council was advised by CB Richard Ellis.