A 100 million pound deal to build nearly 450 homes on the former Cotgrave Colliery site in Nottinghamshire has been agreed by the council.
The Homes and Communities Agency (HCA) and Rushcliffe Borough Council have agreed a deal to transform the former pit which will also see 12,600sq m of employment space being created for local businesses.
Housebuilder Barratt Developments has been selected to build a range of affordable homes to rent and buy.
The plans will include a mix of housing and landscaping on the colliery site leading into the existing country park.
Money will also be spent in Cotgrave town centre, with a community centre providing a hub for the Police, Health and council services.
The project is expected to take around eight years to complete, with work expected to start next summer.
Cotgrave Colliery opened in the 1960's and was a major employer in the area, but as with many mines in Nottinghamshire and the Midlands the site was closed under Margaret Thatcher's government.
When it closed at the end of 1993 and start of 1994, hundreds of people lost their jobs and the iconic pit heads were demolished.
Speaking about the redevelopment, a government spokesperson said: