THE Vaux site is among proposed developments in Sunderland that could receive a boost as part of a £16million fund.
Politicians say the latest cash award, from the Growing Places Fund, could go towards improving transport links as well as creating new jobs and housing.
They hope it will also get projects, stalled since the financial downturn, moving again.
The North Eastern Local Enterprise Partnership (LEP) has been given £16.7million from the fund.
The proposed bridge between Pallion and Castletown, seen as a major opportunity to create jobs, is also one project that could benefit from the cash.
It is now down to council bosses to try and win funding for the projects.
Sunderland City Council leader Paul Watson said: “Our primary goal is to secure funding for the bridge through the existing DFT (Department for Transport) fund for which it is on the shortlist.
“We will however be looking at other sections of the SSTC (Sunderland Strategic Transport Corridor) as well as the Vaux site development and other projects that could receive funding from the allocation, but ultimately it will be a decision for the LEP.”
Paul Woolston, chairman of the North Eastern LEP, said: “We welcome this allocation of funding and will continue to work with partners as a matter of urgency to ensure it is used most effectively to achieve our goal of private sector-led economic growth.
“This is a valuable resource for strategic investment of economic significance in the North Eastern Local Enterprise Partnership area.
“We will look at the projects best suited for this kind of funding. There is also a notion that we would try to recycle this money and it would help to speed up certain developments, given that our strategy is to create greater prosperity.”
Transport Secretary Justine Greening said: “Transport is key to unlocking growth.
“The Growing Places fund will let communities provide the transport links that get people and businesses from A to B. This will be crucial in building the balanced and dynamic economy that is essential for our future prosperity.”
The North Eastern LEP is expected to make decisions on what the money will be spent on next month before implementing them next year.