Plans for nearly 100 houses on the former Hermitage Academy site in Helensburgh have been submitted to the local authority.
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The proposal, which would see 95 homes built on the site if approved, was submitted to Argyll and Bute Council earlier this month.
The firm behind the development, Taylor Wimpey West Scotland Ltd, say it would represent "significant investment" in the local area, creating new jobs and contributing to the wider economy.
If plans are given the green light by council planners, a range of two, three, and four bedroom homes would be built on the site at Campbell Drive.
The developer said the homes would be a "range of styles" and would appeal to "a wide range" of potential buyers".
The plans are listed as a major housing development. The local development plan earmarks the 8.9 acre brownfield site for housing.
A pre-application notice was submitted to the council by the developer in June this year, with original plans detailing 108 homes to be built.
It is thought the project will create around 140 jobs during construction, which a spokesman for Taylor Wimpey said in June would be expected to take four years.
Consent was granted in 2008 for 166 homes on the site.
Councillor Vivien Dance said it was encouraging the application has been submitted, and was a sign of interest and investment in Helensburgh.
She told the Advertiser: "It's been a long time coming but hopefully this application will go through.
"From a personal point of view, nobody has raised any issues with me about it. People were able to see the plans and drawings at consultation earlier this year.
"The site has been vacant for too long.
"We are crying out for houses in Helensburgh, I think it's one of the reason our population is declining. It will give some people the chance to come and buy in Helensburgh when they can't afford the houses elsewhere.
"We are seeing a lot of investment in the town, but we need homes for people - without that they can't settle in the area."
She also commented that neighbouring town Dumbarton was seeing new houses built frequently, which was competition for Helensburgh.
She added: "They are selling the houses, they are meeting the markets. People have gone to West Dunbartonshire to buy because it is the only place they can afford in the area."
Jackie Baillie, Helensburgh and Lomond's MSP, also welcomed the news.
She said: "There is a shortage of affordable housing locally so I welcome news of the proposed development.
"Local people will make their views known on the precise nature of the proposals through the planning system, but the meantime, having homes built in a derelict site strikes me as good for families and good for the town."
Stephen Andrew, Technical Director for Taylor Wimpey West Scotland told the Advertiser: "We submitted our proposal to deliver 95 new homes for the former Hermitage Academy site in Helensburgh to Argyll and Bute Council earlier this month.
"The proposal outlines our plan to deliver two, three and four bedroom homes in a range of styles to appeal to a wide range of potential buyers, and it represents a significant investment in the local area that will see us create new jobs as well as contribute to the wider local economy.
"We hope to secure planning consent in early 2016, and we are fully committed to starting works as soon as possible thereafter."
At a neighbouring site, the final tenants took up residence at Dunbritton Housing Association's £7.1 million development of 51 affordable homes in November last year.
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