Construction work on 17 acres of land around the City of Manchester stadium has begun and is being overseen by New East Manchester.
The project is expected to bring in as much as £1 billion of investment from private sector companies.
New East is working with the city council and Manchester City FC to create what it says will be a “world-class leisure destination”.
Disused coal mines in Bradford will be capped and other ground works will be completed in order that the land is ready for a developer to step in.
One section of the site around the stadium was supposed to be for a so-called supercasino but the Government blocked the plan.
The owners of Man City have promised that they will be investing in the area.
New East Manchester’s Eddie Smith said: “This is a crucial step towards bringing this strategically important piece of land back into use. When the right developer is found we want to be in a position to be ready to move quickly and deliver a scheme that will make Eastlands a leading international leisure and sporting destination.
The regeneration firm and the council are paying for the first stage of the works.