Arnold Market is set to be transformed in the coming months after Gedling Borough Council revealed it expects to exchange contracts with the current owner next week, before taking control of the site next month.
The council – which is buying the market – says its offer for the site has been made and accepted, and the formal acquisition of the property will now happen in mid-May.
Many Arnold residents feel the market has been in a state of decline for years, with only a few of the stalls being taken.
The council hopes to breathe fresh life into the site, with ambitions for food markets and live entertainment.
After buying the market, the bosses at the council have now submitted a bid for £1.25m to N2 Town Centres – part of the D2N2 local enterprise partnership.
Gedling Borough Council hopes the money will transform the area, including making more of the space open to the public, improving facilities and increasing retail space.
For years, residents have complained about the state of the market, which was labelled “dreary”, “empty” and “disused”.
At one point, only a small handful of traders were using the market’s fixed stalls.
The site itself was converted from a former school in 1966, and was the centre of a bustling town.
Councillor Jenny Hollingsworth, portfolio holder for growth and regeneration, said: “We’re very pleased to announce that we’ve made significant progress with the owners of the market and we will be exchanging contracts imminently, placing the market under council ownership by next month.
“At our cabinet meeting earlier today, members approved plans for work to start on getting the correct licences, fees and operational needs in place.
“This is another very significant step in the right direction and I am very much looking forward to the future of the site and excited that residents will soon begin to see improvements to the market.”
Fees for using the stalls have also been proposed ahead of the takeover, which the council says are broadly comparable with the current prices.
For the regular market, which will be on a Tuesday, Friday and Saturday, the fares will be: stalls £20 per day; kiosks £70 per week; mobile operators £30 per day and; mobile operators with hook up £70 per day.