Developers have submitted planning applications for a Morrisons supermarket and a housing development on land at Nottingham Road in Ripley.
The Ripley Gateway scheme by developers Clowes Westerman would also see a second section of the A610 link road built and a mix of affordable and private housing.
Andrew Bock, of Clowes Westerman said: “We believe this is a great opportunity for Ripley residents, on a number of levels.”
He said the project would enhance the appearance of an important ‘Gateway’ to the town, while providing much needed new homes and jobs.
“Three hundred new jobs will be created as the facility strengthens the role and function of the town,” he added.
“With the food store only selling a limited range of non-food goods its impact will be on other large foodstores rather than town centre shops.”
Amber Valley Borough Council is set to formally adopt a master plan for the newly named Greenwich Park in Ripley on November 28.
The new recreation ground would include a floodlit multi-user games area, football pitches, sports pavilion, floodlit skateboard park and children’s play area -but how it is funded will depend on the outcome of the Morrisons application.
A spokesperson for the council said: “If planning permission is granted based on the terms laid out by the developers in the planning application, the first thing they will have to do is deliver the entire Greenwich Park scheme. If permission is not granted, then the council is still committed to providing Greenwich Park but we will fund the scheme through alternative funds, including our own funds.”