Leicester-based Wilson Bowden this week signed a deal with site owner Corus and regeneration agency Scottish Enterprise Lanarkshire to redevelop the 445 ha former steelworks near Motherwell, south-east of Glasgow, over the next 20 years.
Wilson Bowden has received outline planning consent to build 3500 homes, a town centre with shops, sport and leisure facilities and more than 200,000 m2 of offices arranged in business parks and industrial units.
The development is based on a masterplan designed by Llewellyn Davies in 1999.
Under the development deal Wilson Bowden will also provide infrastructure, including spine roads, sewerage, electricity and water utilities. A station is planned on a suburban railway line from Glasgow.
Wilson Bowden expects the development to attract substantial UK and European regeneration funding and grants from Scottish Enterprise Lanarkshire.
Corus has already spent £30m on remediation and Scottish Enterprise Lanarkshire has built a spine road into the site.
The intention is to make Ravenscraig a retail and leisure attraction
Wilson Bowden spokesperson
A spokesperson for Wilson Bowden said: "The intention is to make Ravenscraig a retail and leisure attraction.
"It will include sport and leisure facilities, including a snowdome like the one at Milton Keynes and a 12,000-seat arena.
"It will also have interactive 'try-and-buy' sport and leisure retail stores." The housing will include detached and semi-detached houses, as well as flats above shops and offices.
The development will be split into phases, to be built over the next 20 years. Wilson Bowden will assess each phase for viability before it exercises its option to develop the land.
Wilson Bowden expects to obtain planning consent for the scheme by the end of next year or early 2003, with the first phase of housing to be complete by 2003-4.
The town centre should open for trading in 2006, with the scheme set to be completed by 2020.