Hastings Borough Council said it is working on development options for the Priory Street multi-storey car park and adjacent areas.
The authority added that it will be reviewing a range of mixed-uses including the possibility of a commercial leisure offer, wet leisure centre, cultural hub and residential units.
A spokesperson for the council said: “We are in the early stages of the project and any decision regarding the site’s development will need to take into consideration the scheme’s financial viability and public and stakeholder engagement.
“This is an exciting opportunity for Hastings and has the potential to deliver significant benefits for our town.
“These benefits include providing new facilities to draw people into the town centre, diversifying the town centre offer, providing new jobs and enterprise growth, creating new and long-term investment, improving the health and wellbeing outcomes of our residents, raising the aspirations of our young people and residents, contributing to our carbon neutral ambitions and supporting the development of a thriving, well-connected town with a vibrant and sustainable town centre.
“This scheme is being delivered as part of the Hastings Town Deal. The Town Deal is a £24.4 million grant from the UK Government to support regeneration in Hastings. Hastings is one of 101 towns to receive this funding.”
The council said the Town Deal consists of several projects across the town centre, which include developing new business space, improving the public realm and regenerating Hastings Castle.
A spokesperson for the council said: “We are in the early stages of the project and any decision regarding the site’s development will need to take into consideration the scheme’s financial viability and public and stakeholder engagement.