The City of Ottawa is set to consider the first redevelopment phase of Bayview Yards.
The 16 hectares of city-owned land sits west of Lebreton Flats houses two buildings, and it's as big as Lansdowne Park.
For years it has mainly sat dormant and vacant, but the councillor for the area hopes that will change.
The plan so far would see a facility on a third of the land, about six hectares, fixed up to house a new film and sound studio, as well as a new home for Invest Ottawa, which helps start-up companies.
"I think we're setting out on the right direction. I think we're looking at something that will be beneficial to the community," said Coun. Katherine Hobbs Tuesday.
"What I like about it is that it sort of sets the tone for community uses, as opposed to, 'let's just sell off this land and build condos near the transit stations.'"
If the development goes forward, Hobbs said the city could qualify for a $15-million provincial grant, which would help the neighbourhood address the need for new community space.
"That kind of money, that's not there, but to come in as part of another project that will be funded and will help clean up the site, that's critical," she said.
The report only deals with a third of the Bayview Yards. The rest is needed as a staging area for the construction of the city's light rail system until 2018.