The once iconic former John Player tobacco factory which was ravaged by fire will be torn down in a matter of weeks to make way for student houses.
The blaze broke out at the Player's Street building in Radford on March 30, 2015, and saw hundreds of students and residents in the area evacuated.
It is one of Britain's oldest former tobacco factories, with fire investigators believing the blaze, which engulfed the building, may have been started from a cigarette.
The fire burned for more than 10 days and much of the building had to be demolished so firefighters could get to the source of the flames.
More than 60 firefighters tackled the fire, and the site has been boarded up and held together by scaffolding ever since.
There has been very little activity at the site since the blaze, with residents describing the view from their windows as "an eyesore."
Developers want to build a six-storey building there, providing 211 student apartments. The project is set to cost £16m.
It is a stone's throw away from Castle Retail Park.
The Student Lodge, which is responsible for the site, revealed that demolition work will begin in the next eight weeks, a move that has largely been praised by residents.
Jordan Hallam, 24, a former Nottingham Trent university student, who has now graduated and works in lighting at Rock City lives across the street from the decaying site.
He said: "It is a bit of an eyesore. This is a quiet road and we were students so we know what it is like late at night if it was open fully.
"But in the grand scheme of things it is going to be good for the area. It is better to develop it than leave it as it is."
Graduate Jazmin Carter, 23, who also lives on the street, said: "It is not very good to look at. It is horrible.
"I do not object to student houses - but there is a lot of student accommodation already. The building does look bad."
Mum-of-two Morsheda Meheriban, 45, has lived in the area for four years, and said a number of residents still recall the moment they were evacuated.
"It should be knocked down," she said. "It is not nice and it not safe either. If they make it a high building we will not get any sunlight. It will block the houses.
"I am not worried about students being there. They are well behaved and busy with their studies."
A spokesman from the Student Lodge said the project will not only redevelop the site but also bring construction jobs to the area.
He said: "This exciting project to redevelop the former John Player factory is due to start on site in the next eight weeks.
"Completion of this £16 million redevelopment is expected to be in July 2022.
"The redevelopment of the former factory will bring new local construction jobs and apprenticeships for the duration of the construction period along with further long-term jobs once the building is completed.
"The Student Lodge’s investment in student accommodation shows our confidence in the local economy even during this period of uncertainty and illustrates our commitment to helping regenerate areas of Radford and Hyson Green bringing with it the increase in student spend and local job creation.
"This exciting new development will be part of taking The Student Lodge portfolio to over 1,000 student flats in Nottingham."
The news also comes as the planned transformation of the former John Player warehousing site in Lenton was given the green light in March.
The plot in Triumph Road will be transformed into new halls of residence for the University of Nottingham, including a cinema room.
It will cater for 280 students.
