A £65 million Bradford construction project is set to be rescoped after falling victim to the recession.
The apartment development, featuring affordable homes around the city’s University Quarter, was delayed by the onset of the credit crunch.
The project was put forward by the Northern Ireland-based developer in June 2008, but the unstable property market prompted the firm to put it on hold in September that year.
McGinnis Developments said it is still committed to the mixed-use Beehive scheme and has recently discussed the landmark plans with architects and planning chiefs.
Architects Brewster Bye will examine alternatives to the original plans for 10,000 square metre of retail and commercial space and 517 modern apartments.
Options being considered comprise residential use, offices and possibly a hotel or student accommodation.
“We are currently reviewing options for the site in light of current market conditions, but remain committed to developing the site,” said McGinnis MD Martin Canning.
“Adverse economic factors do not alter the fact that The Beehive occupies a strategically important location within the University Quarter and is just 500m from the new City Park now under construction,” he added.