Persimmon Homes plans to build up to 700 new homes on the 19.6 hectare site off Foleshill Road, where the world’s leading man-made fibre factory once stood.
The Courtaulds site dates back to the 1920s; in the 1950s and '60s, some 5,000 people worked there but the buildings have not been used since 2007. Most of the buildings that formed Courtaulds industrial estate have already been demolished, but the factory façade will be kept to retain the character of the area.
The development is being called Paragon Park. Persimmon plans a phased regeneration of the area, starting in May 2015 with 113 new properties in the first phase. Completion of the final phase is expected in 2023.
Persimmon Homes South Midlands managing director Andy Peters said: “This is a landmark deal for us and Coventry that reinforces our commitment to create new homes and jobs for the city.”