Yorkshire Forward has submitted plans for a £48m mixed-use scheme on the banks of the river Aire.
The regional development agency is proposing developing 145,000 sq ft of offices and 134 apartments at the Tower Works site.
‘In the current economic climate we are concerned to continue to make progress on all our renaissance schemes in the region,’ said Jan Anderson, executive director for environment at Yorkshire Forward.
‘Where it makes sense for us to de-risk schemes through pressing ahead with planning, the remediation of land or considering appropriate infrastructure provision we will do so.
‘This flexible approach will put us in a positive position when the market starts to turn.’
Tower Works which was built as a factory by Colonel Thomas Harding during the industrial revolution.
The plans, designed by architects Bauman Lyons, include keeping the Italian renaissance inspired towers, modelled on the Giotto tower in Florence and the Lamberti tower in Verona.
The development forms part of the wider Holbeck Urban Village regeneration which is expected to deliver 800,000 sq ft of offices and 2,500 apartments on 37 acres of land.