Muse Developments and Tameside Council are bidding for a Regional Growth Fund grant to deliver a 25-acre industrial-led scheme at Ashton Moss.
The land, known as Plot 3000, has fundamental issues around remediation as it contains peat and would require public sector funding to prepare for development. Tameside and Muse are confident of securing European Regional Development Funding from the North West Development Agency which could then be matched by RGF cash if the bid is successful.
Huw Davies, assistant executive director of housing, planning and economic development at Tameside Council, said the Ashton Moss bid was one of 16 made by Greater Manchester councils in the first round of RGF, currently being considered by Government.
RGF is a three-year £1.4bn initiative aimed at plugging the gap left by the abolition of Regional Development Agencies and the reduction in public sector spending programmes.
The Plot 3000 development could have an end value of £64m, according to council papers, which also claim the completed phases of Ashton Moss have a combined value of £250m. Occupiers on site include Office Depot, Sainsbury's, Ikea, Selco, Travelodge and Cine UK.
Matt Crompton, joint managing director of Muse, said: "An application has been made to the Regional Growth Fund for the next phase of development at Ashton Moss which if successful, will help to continue the delivery of further commercial space at the scheme."