Developers are not ruling out starting regeneration work in Burgess Hill this year.
New River Retail plan to build a build a hotel, car park, new homes, restaurants and a multi-screen cinema.
But a spokesman said no planning application has been submitted yet and pre-application work is ongoing. No date for submission has been set.
Mid Sussex District Council confirmed it has received an offer from New River Retail for its land, as part of the company’s work to re-vitalise Burgess Hill.
A spokesman said it could mean a multi-million pound investment in the town centre. The council is evaluating the offer with its specialist advisors, but no decisions have been made about the offer or the future of any of the its assets.