Maryland Securities Group has submitted plans for Avitus, a residential-led scheme with retail, which will transform the site of a disused former lace factory in Nottingham.
The proposals will inject £124m during construction and £26m from retail and other sectors into the economy.
Jacob Jebreel, head of Manchester-based Maryland Developments, said the phased scheme will provide more than 300 new homes with a mix of flats and townhouses targeted at both the sale and rental markets. Around 10,000 sq ft of ground floor retail and leisure space is also proposed.
Avitus is situated close to both universities, and within easy access to the ring road and main arterial routes into Nottingham. The development breathes life into the former Forest Mills site bounded by Alfreton Road, Boden Street, Denman Street, and Highhurst Street, which has been disused for several years.
David Hargreaves, director of Nottingham agent FHP Living, which is advising Maryland on the scheme, said the Stephen Hodder-designed scheme will extend the well-established Arboretum residential and student area of Nottingham.
Forest Mills was originally built as a lace factory. But demand for lace declined, and owner Thackeray & Sons failed to upgrade equipment to modern standards leading to its closure in the 1960s.
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