A move to spend money from an abandoned road project on other improvements has been welcomed by the local council.
Over several years, land and buildings in Heanor had been bought by Derbyshire County Council in anticipation of a relief road being built.
The plan was abandoned after predicted costs rose to between £4m and £5m.
But more than £500,000 from the sale of the assets will be used to improve the town's main roads and help local firms, welcomed by Amber Valley council.
Work will include improvements to the pavements on High Street, Red Lion Square and Derby Road and nearby car parks, public art and grants to upgrade shop fronts.
Councillor Stuart Bradford, leader of Amber Valley Borough Council, said: "I welcome the commitment by Derbyshire County Council that over £500,000 from the sale of this land will be reinvested into a range of projects to regenerate Heanor.
"This means the borough council can forge ahead with the plans in close co-operation with Derbyshire County Council to attract new investment into the town."
He added there would be a consultation with the public on how funds are spent.