Cash could be secured to fund improvements to Castleford railway station under a string of regeneration projects by the district council.
Historic buildings in Pontefract market place could also be restored as part of Wakefield Council’s capital programme.
Councillors will be asked to improve regeneration projects at a cabinet meeting on Tuesday.
A report to the meeting said plans included a new retail development at The Close in Knottingley.
New housing could also be developed in Castleford and at Girnhill in Featherstone.
Denise Jeffery, the council’s deputy leader and cabinet member for economic growth and skills said: “Regeneration continues to be priority for us as we drive forward investment in our district and I am pleased with all the projects outlined in this report.
“We want Wakefield to be a great place for people to live, work and invest in. These plans will continue to support our long term goals to make the district a thriving hub of activity for everyone to enjoy.”
The Counting House in Pontefract and plans for 700 homes at the former Prince of Wales Colliery site are also part of the council’s regeneration plan, along with improvements to Pontefract’s Monkhill Station and Town End junction.
The cabinet report also outlines £1.2m worth of regeneration schemes, including improvements to roads and parks, for the south east of the district.
Also planned is the regeneration of Kirkgate railway station in Wakefield and the surrounding area and the city’s civic quarter.
Wakefield Council faces £100m worth of budget cuts by 2020.
The report said: “With more limited resources available, it is increasingly important to prioritise and to focus on key, major projects which will deliver economic growth in the district and the provision of new homes.”
See next week’s Express for more on the regeneration schemes.