The former Great Central Station in Leicester was once the gateway to the city.
However, when it closed in 1969, and the site became hemmed in by the inner city road, the area around it slowly declined.
Now the station, which is set to be reformed to its former glory, could be the centre-point of a new multimillion pound development.
The derelict land near Vaughan Way is hoping to recreate the hustle and bustle it used to have when it was a functioning station.
There will be shops, flats, offices, hotels and a new 'super crossing', providing a safer way for people to walk from the city's waterside into the centre.
Leicester City Mayor, Sir Peter Soulsby, said:
This is a major breakthrough for Leicester. It's been very frustrating to see this other side of the central ring road quietly dying while so much of the city centre flourished.
£50m of private investment has been put into the scheme, and the City Council is contributing £2.4m towards the highway work.
The project's expected to be finished by late summer next year.