The University of Cumbria has confirmed plans to re-open their Ambleside Campus.
The first students could return in 2014. Supporters say they'll bring millions to the local economy. But others say plans haven't been thought out properly, and the local infrastructure won't be able to cope.
Most local businesses are welcoming the news that the University is returning. Christopher Wells manages a bar in the town. He says that the return of students can only be a good.
"It's going to bring a lot of trade for local businesses. Make the town a lot more busier." said Mr Wells today. "From a personal point of view it will make it a lot easier with seasonal staff and our takings will probably, definitely increase."
Another local businessman, David Fielding, can't wait to see students back in Ambleside. "Without a doubt we would welcome them back with open arms. The community has missed them for the last few years. We've lost that vibrance that young people bring to the village. And without a doubt we will be applauding them all the way. We hope they come back in great numbers."
The Lake District based campus has always ween popular with student. Many protested against the university's decision to pull out in 2010, saying that the campus wasn't financially viable.
After widescale protests they say they've found a way around the problem. Property in the Lakes is at a premium and by selling off buildings they don't need they believe they can build a brand new halls of residence and still have money to spare.
"It will see this site brought back into use in a way hopefully that will be beneficial to the community and for the University and that is important," said Mike Berry from the University of Cumbria. "What we are trying to do is create something here that is in the long term a benefit to the community and the University for both."
But while the students are almost universally welcome, this plan to bring them back isn't. The Castlefield estate which borders the campus would lose their play area under the proposals, and traffic on an already congested access route would vastly increased.