Planners in Leeds are considering a proposed brownfield development of Kirkstall Forge.
An outline planning application has been submitted by site owner Commercial Estates Group (CEG).
It is expected to create about 1,540 new permanent jobs and up to 400 construction jobs, as well as 177,800 sq ft of offices, a riverside hotel and support facilities. It will include 1,385 residential units, small local shops, bars, cafés, restaurants and a creche.
Almost two-thirds of the site will be green space, allowing for woodland walks, bicycle routes and community access to the historical site.
Vast investment will be re-quired to decontaminate the large area of derelict land.
Jonathan Kenny, development director of CEG, said they felt the proposals would "turn Kirkstall Forge into a vibrant working and living community with opportunity for recreation and leisure.
"This is a site of great local and historical significance and we believe the plans for regeneration create a balance between its rich history and exciting future.
"The team has worked with Leeds City Council for over 18 months. We have also organised five public exhibitions to allow the local community to have a say in what they would like to see on the site."
Leeds West MP John Battle said: "We now have a once-in-a-generation opportunity for a regeneration of Kirkstall Valley that is both sensitive and worthwhile.
"Kirkstall Forge has got amazing potential to make the best use of this huge brownfield site to create hundreds of jobs, cafés and other facilities, and a good mixture of housing, built to be a community, a place with an identity of its own.
"I am also campaigning to get the train station at Kirkstall up and running... as well as making sure the development is linked into good bus services joining the A65."
There will be junction improvements, a park and ride and a bus interchange.
Use will be made of existing features including ind-ustrial archaeology, the river frontage, the nearby canal and open countryside.
Plans include the reopening of the historic Mill Race and preservation of features such as the workers' cottages, forge building and war memorial.
Work is not expected to begin on site until the end of this year and then it is likely to be a 10-year regeneration programme.
CEG will hold weekly surgeries at Kirkstall Forge to allow people to view the plans.
sally.cope@ypn.co.uk