Councillors in West Lindsey have agreed to put aside £1.45 million to buy land in Gainsborough for a new riverside regeneration project.
The authority is looking to purchase derelict land on Carr Lane for the Riverside Gateway project, which will see more than 200 homes built.
The land was granted a Local Development Order in 2016 and the hope is to spark transformation in the South West Ward of the town and support town centre regeneration.
Following the meeting, Eve Fawcett-Moralee, executive director of economic growth at West Lindsey District Council, said: “This is a really important site for the regeneration of Gainsborough.
“The council has promoted residential development here for a number of years and has committed considerable resource.
“We are in discussions with the land owner and Homes England to bring forward the regeneration of the site as soon as possible.”
In October last year, developers Wright Investments Developments Ltd were given permission to build 220 homes on the land.
During the meeting however, members were told that there were “complications” with the current landowner and the ability for them to deliver the scheme.
There had also been a disagreement between the landowner and the district council over the valuation of the site.
The proposal is only for residential land and does not include land for a marina originally included as part of the infrastructure plans for the area.
West Lindsey’s plans for the Riverside Gateway includes:
• Up to 245 dwellings along with a range of ground floor uses, including potential shops, restaurants and cafés, pubs, assembly and leisure facilities
• An attractive riverside walk, new open space and water features
• Encouraging accelerated redevelopment
• Stimulating a new urban housing market
• Promoting Gainsborough as a significant and new housing location
• Setting out parameter plans and design principles for the area