York Central: Details of £623m office and homes scheme
York Station and the National Railway Museum could be transformed as part of a multi-million pound development plan.
The York Central scheme would include 120,000 sq m of new office space and 2,500 homes - with a development value of £623m, the city council said.
The site includes the teardrop site at the rear of the station which has been granted enterprise zone status.
The council has earmarked £10m towards the costs of delivering what it called the "King's Cross of the north".
Chris Steward, the council's conservative leader, said the development plan represented a "once in a lifetime opportunity" to attract new jobs and homes.
The council is working with a number of partners to develop the site, including fellow landowners Network Rail and the National Railway Museum (NRM).
The Homes and Communities Agency has also committed £9.45m towards the scheme.
Enterprise Zone status, granted in November, enables the council to retain additional business rates from any development - which means it could borrow against future income to fund site infrastructure.
The site is made up of about 72 hectares of land next to the station, but it is largely land-locked which makes vehicle access difficult and has hindered previous attempts to market the site.
Additional sections of land, required to complete the project, would need compulsory purchase orders.
The plans include closing or diverting Leeman Road near the NRM, to give it space to expand, a new road bridge built into the site from Holgate Road and a foot and cycle bridge built over the main east coast railway line.
The station would benefit from improved access and a possible new entrance facing the NRM.
In a statement the City of York Council said: "The estimated infrastructure cost of £78 million - which could be funded as a result of Enterprise Zone status - will unlock the office and homes scheme with a net development value of around £623m".
It is expected the scheme would take 15 to 20 years to complete and a development draft will give residents and businesses the chance to comment in early 2016.