The Heap's Rice Mill site in Liverpool has been bought by the same developer who sold it just three years ago.
The famous city centre building has been empty since 2005, despite planning permission to convert the apartments into flats awarded in 2014.
But this week, Liverpool developer Elliot Lawless announced he has bought back the One Park Lane development, which incorporates the rice mill.
The gross development value of the scheme once complete is £170m, with the developer having originally sold it in 2015 for £130m.
The entire development comprises of four new blocks plus the listed Heap’s Rice Mill, and will be based around a new public square surrounded by 781 apartments and 12,000 square feet of ground floor restaurant and retail units.
Mr Lawless' firm Elliot Group now wants to begin work on the scheme by the end of the year.
He said: "We’ve worked really hard to structure a deal that gives us control once again and we’re delighted to be in the driving seat.
“There was good will on all sides and it helped us get it over the line. We’re now keen to get on site and deliver what will be a game-changing project for that part of the southern waterfront."
The gross development value of the One Park Lane scheme once complete will be £170m, with the investment a joint venture with Anthony Maxwell-Jones of Valorem Investment Partners.
The development secured planning permission in October 2014 and was sold a year later.
The planning permission remains in force after work was started on site by the previous owner.
Mr Lawless said the listed Heap’s Rice Mill will be reserved for local owner-occupiers keen to secure a larger than average footprint in the city centre in a unique building with heritage.
Mr Lawless added: “Heap's Mill is a fantastic building that lends itself more to owner occupiers who want heritage and extra space.
“Buyers will have to commit to live there themselves and we see that as helping embed a stable community in the wider development.
“We want to get cracking and build momentum behind the scheme. We’re committed to delivering what will be one of the most significant projects in the city and I want to put another crane on the skyline. A year-end start is in our sights."
