Five buildings at the former Rutland Mills will be demolished as part of Wakefield Council’s plans to revamp the city’s waterfront.
The demolition work will begin on Monday to create a new public space which will be used to host summer events.
Restoration works will also be carried out on the other buildings on the site in the summer.
Coun Denise Jeffery, the council’s cabinet member for economic growth and skills, said: “This is brilliant news for both the district and the residents of Wakefield.
“We have achieved so much over the past seven years and this next phase of works will continue to work towards our long term goals of regenerating the area.
“With a wonderful view to the River Calder and the weir, the historic mill buildings will provide an impressive backdrop and attract investment to bring new jobs and help boost the local economy.
“I look forward to seeing the continuing transformation of the waterfront into a vibrant area of the city.”
The demolition works are expected to be complete by end of April and the whole redevelopment of the waterfront is expected to be complete within five years.