Port Haverigg Associates has announced plans for a 40,000 sq ft plot of land in Haverigg, Cumbria, will remain on hold until a regeneration masterplan is drawn up by Millom and Haveriggg Economic Development Group and Copeland Council.
The site has been abandoned since the 80-year-old Haverigg Tannery, previously occupying the space, was demolished at the end of last year.
Plans could also involve the compulsory purchase of half-a-dozen small businesses currently located near to the site.
However, both Copeland Council and MHEDG said they have no immediate plans for the site.
Haverigg Tannery closed in 1979 after employing 200 workers from Millom and the surrounding area.