The council has now been allocated a £150,000 resource funding grant by the Ministry of Housing, Communities & Local Government to help develop a full business case.
The Future High Streets Fund has been set up to support and fund the plans of cities and towns to make their high streets and town centres fit for the future.
City of Wolverhampton Council Cabinet Member for City Economy, Councillor Harman Banger, said: “We are delighted to have been shortlisted and believe we have a strong case for this funding.
“The City of Wolverhampton is experiencing an unprecedented level of growth and opportunity. We are working with a wide range of key partners and stakeholders to continue to stimulate and accelerate this growth.
“The Future High Streets Fund gives us a fantastic opportunity to build on this work and, most importantly deliver real, tangible benefits for our diverse communities.
“Re-imagining and reinventing our city centre is a key priority. We have made a strong start, creating an independent City Centre Commission and working in partnership to deliver a number of transformational schemes such as a £150 million city centre Interchange, thousands of new city centre homes, the £50 million Westside leisure development, £38 million investment in our Civic Halls to create a world class international venue, and being the UK’s first eBay partner on the Retail Revival scheme, which has seen small businesses reach £4 million sales since September 2018.
“This is our wider vision of the city. The bid focuses on the area of the city centre to the west of, and including, Victoria Street. Support through the Future High Street Fund would build on the strong delivery that is already underway in the city centre, it will enhance and connect an area of the city centre that has, over recent years faced a number of challenges.”