Developers are proposing the creation of 150 new apartments on a site off Newark Road in Lincoln, which will also have landscaping and parking spaces.
Peel are intending to submit an outline planning application for the 1.2 hectare area by the end of October, after they incorporate public feedback.
The proposal includes six new apartment buildings, holding 150 two-bedroom apartments arranged in two U shapes around the access road.
The buildings would be a mix of three and four storeys high, and developers want to improve the exisiting riverside walkway as well.
If approved, the complex would take up to fours years to complete, and an apartment would cost around £300,000.
Major changes in road access to the development are on the table as well.
Peel propose to demolish the existing Kitchen Showroom (at no. 295/297) to build a wider access road, and a new T junction on Newark Road.
“By developing this area of derelict land we aim to support the continued regeneration of the Bracebridge Revival Area,” said Louise Morrissey from Peel.
Dozens of people from the area attended the public consultation on the plans on Wednesday, September 22, with mixed feelings, but mainly positive, Peel claim.
Once the public’s feedback is incorporated into the plans, an outline application will be put to the City Council.
An outline application establishes the principles of the development, which then requires more detailed plans (Reserved Matters) before any construction takes place.