Sheffield City Region Combined Authority agreed to the council’s bid of £1.5m to pay for the acquisition of Forge Island from Tesco.
The funding will be provided via a bridging loan to Rotherham Council pending a future grant.
Rotherham Council hopes to agree a purchase with the supermarket giant this month as it looks to demolish the current building and enhance the site’s attractiveness to future developers.
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Damien Wilson, strategic director of regeneration and environment at Rotherham Council, said the Forge Island development was key for the borough and central to restoring the town’s night-time economy.
“We are already seeing interest around this site with new restaurants opening, and plans submitted to the council for further developments.
“We are looking forward to Forge Island becoming a vibrant leisure quarter to complement the existing retail quarter.”
The council is currently preparing detailed development proposals alongside the town centre masterplan with an initial draft expected in April.
Other future developments for Rotherham town centre include Westgate Chambers, a higher education campus and a new bus station.
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