Houses could be built as part of the Northern Gateway masterplan, Chesterfield Borough Council has revealed.
The authority now says the flagship development will consist of two phases.
As part of the second phase, housing may be provided in the Newbold Road area.
The first phase, which will be completed over the next five years, will see:
► the former Co-op building redeveloped in a £10.5million scheme by Central England Co-operative and Jomast Developments to house six ground floor restaurants, a Premier Inn hotel on the first and second floors and a health and fitness centre in the basement
► the borough council demolish the existing Saltergate multi-storey car park and replace it with a new, higher quality car park in a £6.54m scheme
► an enterprise centre, incorporating a public space area, built on part of the Donut car park to house small and medium sized companies
► environmental street improvements around Elder Way and part of Knifesmithgate, to enhance this part of the town centre and make it more pedestrian friendly, will be funded using a £5.8m grant from the Sheffield City Region
The public will be able to see the plans, including visuals of how the area may look, and give their views at drop-in consultation sessions taking place in the entrance lobby to the Assembly Rooms in Chesterfield Market Hall between 11am and 4pm on Friday, July 28, and between 10am and 2pm on Saturday, July 29.
Consultation information will then be displayed in the Tourist Information Centre in Rykneld Square from Monday, July 31, to Friday, August 11.
Residents can also complete the consultation online at www.chesterfield.gov.uk/northern-gateway.
Councillor Terry Gilby, the borough council's cabinet member for economic growth, said: "This public consultation will focus on the plans for the enterprise centre which the council is building and the environmental street improvements in Elder Way and Knifesmithgate.
"We will also be seeking views on some of the longer term vision ideas about how the Northern Gateway can be better linked up to the historic core of the town centre, to the railway station and new developments like Chesterfield Waterside.
"This part of the vision is not something that will be happening soon but it is important that we plan for the future of the Newbold Road area too."
The consultation will not include the Saltergate multi-storey car park or the Co-op redevelopment parts of the project.
Consultation has already taken place with Derbyshire County Council's highways team, bus companies, taxi drivers, businesses and representatives of equalities groups to help Chesterfield-based architects Whittam Cox produce a draft Northern Gateway vision document.
Andrew Dabbs, from Whittam Cox, said: "Consultation with local people is an essential part of the design development process and we will look forward to presenting our plans and taking on board the feedback that will help us develop our scheme to the next level.
"We are pretty confident that the work undertaken by our team in conjunction with Chesterfield Borough Council will be welcomed and supported.
"We also hope through our consultation that people will understand the holistic benefit that this development could bring as a catalyst for wider regeneration around the Northern Gateway and the wider town centre."
A rethink of the original plans for the Northern Gateway began in 2015 after no large food retailer could be attracted to the site, which was necessary to make the rest of the scheme viable.
The original proposals also included proposals for town centre housing.