Up to 80 private landowners and developers are meeting in Wolverhampton later to discuss ways to revamp the city centre.
A £13.4m investment scheme has been agreed by the city council after a £300m development was cancelled due to financial risks.
Developers can tour the city and meet the council leader and chief executive.
The council hopes the move will help create a more productive relationship with the commercial sector.
Peter Bilson, cabinet member for economic regeneration and prosperity, said: "Delivering the physical transformation particularly of the city centre represents the biggest challenge facing Wolverhampton - but it's also the city's most important opportunity.
"It will be a huge undertaking especially against the current economic backdrop.
"That's why we're determined to take on board the insights and perspectives of developers at the earliest opportunity so that together, we can shape a strategy that is both commercially realistic and deliverable."
The £300m Summer Row development would have included a Debenham's store, 85 shops, a cinema, underground car park and new homes.