The city centre's old Crown Court building and police station, which stand opposite one another on Wood Street, are finally set to be redeveloped after years of waiting.
The old police station closed in 2014 after the council bought it, but it has been empty ever since.
Meanwhile, scaffolding still lines the former courthouse after a Â£1m project to repair it got underway in January this year.
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Senior council figures have now met with a company keen on transforming the area and say further details will be released imminently.
Speaking at a full council meeting, leader Peter Box said: "Denise (Jeffery, deputy leader) and I met with developers and we hope shortly to be able to announce the proposals for the building.
"If what we've heard comes to fruition, it will be very exciting for our city, and shows yet again that people want to invest in Wakefield."
Coun Jeffery confirmed that at least one hotel has been mooted for the area, and added: "It will make such a difference to our area and we will be announcing that very soon."