Up to £1bn could be spent developing West Bromwich over the next 10 years, a council has estimated.
Sandwell Council said talks have taken place over a proposed leisure centre as part of plans for the town's future.
Other proposals have included a new Tesco development, a £200m shopping scheme, and a new £80m Sandwell College campus.
The council said it was sure West Bromwich would be "up there with the best in the near future".
Queens Square shopping centre would be "completely refurbished and modernised" at a cost of £70m, a school would be built costing £5m and there would be a new police station.
Cabinet member for regeneration, Bob Badham, said much of the money to improve the area was coming from the private sector.
"It's being primed as well by the public sector," he said.
"The new college.. is due to start now in 2008 right in the centre of West Bromwich - that's representing £80m of public money going into (a) spanking new college, which Sandwell badly needs."