Thousands of jobs and homes could be created as part of a scheme to transform a former Boots chemical factory site, the company said.
The 100 acres are part of Boots' Beeston site
But some residents are concerned that traffic will increase from the development of a 100-acre site at Beeston, Nottinghamshire.
Planner Richard Wood, from Nottingham City Council, said the redevelopment plan was at an early stage.
The scheme could take up to 25 years to complete.
Mr Wood said Alliance Boots was a "responsible landlord" and had indicated it would work carefully to ensure the site was cleared of all possible contamination.
"This is part of a big mixed-use development with a small portion for residential use," he added.
The council would work with the Highways Agency to ensure the traffic situation was acceptable, he said.
The firm owns the 279-acre site in Beeston where 7,000 workers are employed, but wants to free-up 100 acres for redevelopment.
The site is used for a variety of Alliance Boots operations, including offices, warehouses, factories and call centres.
The new development - on mostly vacant land - would include a mix of family and "affordable" housing along with industrial and business units.
Some residents told BBC News they were worried about the possibility of "horrendous traffic" from the new development.
"Who would want to live next door to a factory with heavy lorries leaving all the time?" one said.
Nottingham City Council and Broxtowe Borough Council are expected to start a consultation on the plans and have drawn up a statement of "development principles" for the site.