Millions of pounds could be ploughed into transforming part of London's Oxford Street.
Oxford Street is a mecca for shoppers
Cash from Westminster's business rates coffers could be used to revamp a stretch of the street between Oxford Circus and Tottenham Court Road.
Businesses are being urged to back the plans being put forward by council leader Simon Milton.
He says the street needs to enhance its reputation and made a call for action at a speech on Wednesday.
In a three-year project started in 1992, major improvements costing £7m were made to the western end of the street between Marble Arch and Oxford Street.
Mr Milton now wants the other end to be transformed.
Another possible development is the Middlesex Hospital site which will be vacant from 2006.
The planned construction of Crossrail is also expected to bring with it development and refurbishment opportunities.
The proposed route links east to west London via key Tube stations including Tottenham Court Road.
Mr Milton also wants the government to ensure finances for the Crossrail project are secured and for Transport for London (TfL) to address bus congestion.
He told the meeting, organised by business campaign group London First: "The future for improving the less desirable end of the street looks bright.
"But the government must see sense and find an appropriate solution to enable Crossrail to go ahead."
A planning committee will consider the scheme in January.
The meeting will also be attended by London's mayor Ken Livingstone.