City of Wolverhampton Council has now completed its extensive advanced works programme - and has received more than 10 expressions of interest.
It hopes to make a final decision in the autumn on who will develop the 27 acres of land available.
The advanced works programme was undertaken by the council, with additional funding from the Homes and Communities Agency and Local Enterprise Partnership, to make the brownfield land ready for development.
Up to 450 new homes will be built in a quality environment, alongside new employment areas and leisure facilities on other parts of the urban village site.
Councillor John Reynolds, Cabinet Member for City Economy, said: "This is a major milestone for Bilston Urban Village.
"The site is now cleared and housing can be built in the very near future.
"We have several keen developers who are very interested in this site and the reason they are interested is because it has been cleared and is ready for development.
"The council has spent a lot of time making sure there is good road access, and ensuring that, with a bus only link, cycle ways and pedestrian routes, the new housing will be well connected to the town centre.
"Everything a developer would want is available on site ready for them to come and build houses.
"The urban village will be a key part of the wider regeneration of the city, bringing new homes, new jobs and more investment. It demonstrates our commitment to Bilston and ensures it will continue to be a thriving area."
Kier has already begun building 78 units comprising 1, 2, 3 and 4 bedroom properties on the first 2 plots, located on the west side of Dudley Street either side of the entrance into Carder Crescent.
The first phase of Bilston Urban Village saw significant investment in the building of the Bert Williams Leisure Centre and South Wolverhampton and Bilston Academy, the creation of a commercial development plot fronting the Black Country Route and the direct pedestrian linkage of the site with the town centre.
- released: Thursday 9 June, 2016