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The former Kent Wool Growers site in Ashford will be transformed into 250 homes featuring a towering 15-storey high apartment block if new plans are approved.
Bosses at London-based regeneration specialists U&I have revealed their multimillion-pound plan to transform the prominent spot.
They hope to build four apartment blocks between six and 15 storeys high while retaining the Grade II listed Whist House next to the Stour Centre.
KWG, the farmer-owned co-operative, went into administration last August following a downturn in trading and the site is now empty.
U&I bosses want to demolish the KWG warehouse, shop and office, as well as installing a striking new footbridge over the River Stour.
The bridge - which will feature a loop - is being designed by artist Alex Chinneck, who famously created a sliding house in Margate.
U+I spokesman Emily Annable said: "Given that we have International House next door, we have looked at the height (of the 15-storey building) and considered what people will think is appropriate for the site.
"We have uniquely designed the site to complement its surroundings.
"We are lucky that there is a lot happening in Ashford and the council seems committed to doing a lot in the local area.
"We hope to compliment what else is going on around and we have a great riverside area, which we wish to make the most of.
"We'll start to think about what we want to do with Whist House and may potentially look into extending it. It's played a central role in deciding the design and materials for the development."
Bosses are proposing 181 car parking spaces, with 175 spaces for residents and six car parking spaces to serve Whist House.
The accommodation will offer one, two and three-bed properties and is expected to bring 173 construction jobs to the area, as well as 261 jobs from the economic growth the scheme is expected to create.
The plans will cost between £55m and £60m, taking 36 months to build.
Visit www.kentwoolgrowersashford.co.uk for details.