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The Guernsey Housing Association hopes to reach a deal with the Co-op to include partial ownership and rental properties in the new scheme for Leale's Yard which the retailer unveiled yesterday.
The Association's Chief Executive, Steve Williams, pictured top, who has extensive experience leading and managing large-scale developments, is welcoming the planning application for Leale's Yard and wants to join the Co-op and its development partners to help deliver the scheme.
Mr Williams said the Association has maintained "a keen interest in the development for a long time and hopes to be able to reach an agreement with the developers to provide housing for partial ownership for people who struggle to afford to buy privately, and for rented accommodation, which would include key workers".
Pictured: The Co-op intends to deliver its proposed scheme in partnership with various developers, including Rihoy & Son, which would oversee all construction projects.
"It is very promising to see the outline planning application submitted for new homes, a new store and retail space on this redundant land," said Mr Williams.
"The development of Leale's Yard will be extremely positive, bringing new life and investment into The Bridge.
"As we can all see, there is a tremendous need for new homes, particularly for first time buyers and for people looking to downsize to an easily-maintained property.
"This planning application now needs to convert into spades in the ground with urgency - to deliver the design [and] to benefit local people who need a home now.
"This project will revitalise The Bridge for the good of the whole island."
Pictured: Steve Williams believes that the proposed scheme to develop Leale's Yard will help rejuvenate The Bridge if it is approved by the Development & Planning Authority later this year.
The Co-op hopes to secure planning permission this year and open the new food store and the first homes on the site within the following three years. It anticipates completing all development work within five years of planning approval.
It is estimated that the proposed scheme would require £50million of private sector investment during construction and spending of £150million on local facilities management services after construction. The Co-op has said that it does not require any funding from the States to deliver the scheme.
Pictured: The Guernsey Housing Association hopes to submit a planning application this summer to build more than 100 homes at Kenilworth Vinery in the Salt Pans, near Leale's Yard, after the States purchased the former vinery for £6.5million to be developed for social housing.
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