Aberdeenshire Council hopes to create a new fund which will bring vacant buildings across the north-east back into use.
The local authority revealed the plan in a report which councillors on its infrastructure committee will discuss next week.
The council has laid out a two-step scheme to offer grant money to property owners as a way of encouraging them to keep their buildings in use in Peterhead, Fraserburgh, Banff and Macduff.
Stephen Archer, director of infrastructure services at Aberdeenshire Council, said the money for the work – an initial £400,000 – would be skimmed from the council’s own reserves.
He said such a level of investment was required because the project required a long-term vision by the council.
Mr Archer added: “The scale of the derelict building problem is much larger than any one organisation can feasibly take on”.
“This grant would help bridge the gap between what has been invested in the building and what it is worth after improvements.
“Incentivising redevelopment of town centre property should encourage investment, attract interest and resolve medium-level problems.
“Improvements to streets will increase the confidence of other investors and boost the commercial property market in that area.”
Mr Archer has described the proposed property investment fund as a “pull factor” for private owners.
Should the scheme be approved by councillors, it would run for two years on a trial basis.
That period would give the authority an idea of what is achievable through the fund and information on how much money would be needed on an on-going basis.
Through the fund, grants of up to £10,000 or 50% of the cost, whichever is less, would be awarded to property owners to carry out feasibility studies, surveys or architectural drawings of the work they want done.
Up to £100,000 would then be awarded for the actual renovation work.
The project is part of Aberdeenshire Council’s long-running efforts to boost high street trade in the towns as part of its Four Towns strategy.