UP to 1,000 jobs could be created in the region by a regeneration scheme.
Hartlepool's docklands are to be transformed by a £500m project which will see 200 acres of land become a leisure, business and housing complex.
Tees Valley Regeneration said it had received support to transform the site from landowners PD Ports, Logistics and Shipping, as well as from regional development agency One NorthEast.
Peter James, Tees Valley Regeneration director of development, said: "This site has huge potential."
David Easson, property director with PD Ports, Logistics and Shipping, said: "The docks at Hartlepool will continue to function as a working commercial port, but this does not require all the land owned by the company.
"We have an opportunity to create something really special."
An application for planning consent is expected to be submitted to Hartlepool Borough Council early next year. It is hoped permission will be granted for development before the end of next year. It is anticipated building work will take five years.
The council has also backed the scheme.
Tees Valley Regeneration is involved in four similar projects in Middlesbrough, Stockton, Darlington and Teesside International Airport.
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules hereComments are closed on this article