Jubilant families in Manningham will take part in a procession to historic Lister's Mill to celebrate a start on the £18 million redevelopment after years of disappointment.
The march up Oak Lane from Lister Park gates on October 18 will be led by a mechanical digger in a "welcome the workers" event as builders move in.
Manningham Mills Community Association, which will have premises in the revamped landmark is now appealing for people to get in touch with ideas for the big day.
The next planning meeting will be at the Millan Centre, Victor Street, on September 4 between 4 and 5.30pm and the association wants as many people as possible to join in.
Community Association chair-man the Reverend George Moffatt said: "A whole lot of people need recognition for getting this off the ground. We want local people to be really engaged."
The big street party and march follow the announcement last week that the funding package had been agreed to allow the scheme by award-winning Urban Splash to go ahead.
Government regeneration agency Yorkshire Forward will give £4 million, there is a £2 million contribution by Bradford Council and £300,000 from English Heritage. Developers Urban Splash are providing the balance.
The development is expected to bring 1,300 jobs for local people and developers say they already have a waiting list for the 370 apartments and penthouses to be created in the Grade Two listed building. In the past decade one grandiose scheme after another has collapsed while the mill deteriorated and was placed on English Heritage's register of listed buildings at risk.
In 1989 hopes were high that the Victoria and Albert Museum would house its famous Indian collection in the mill as part of a huge "Lister City" development - but the museum said later it did not have the funds.
Manchester-based Urban Splash plans to transform the mill into apartments, leisure and space for businesses. The Community Association and developers hope dozens of fledgling businesses will move in to give hope for the future. The Community Association wants activities for young children, including a bouncy castle, face painting and ball pool on the day of the big party. Mollie Somervill of the Community Association is asking people to contact her at 37 Heaton Park Drive, BD9 5QE or e-mail molliesom@aol.com
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