This masterplan will set the standard for future regeneration projects

Liz Connolly, Scottish Enterprise

Redevelopment of the site, which is the equivalent of 677 football pitches, will include the construction of 3,500 new homes to house up to 10,000 residents.

It will see the creation of retail and leisure facilities, including a 10,000-seater sports arena and a 150,000 sq ft ski dome.

A planning application will be lodged with North Lanarkshire Council on Thursday by the Ravenscraig Partnership.

The Partnership comprises Wilson Bowden Developments Limited, Scottish Enterprise Lanarkshire and site owners Corus.

Ian Robertson, deputy group chief executive of Wilson Bowden said: "We are well aware of the history of the area and the justifiable expectations of the local communities.

"The project will not only create opportunities in employment, housing and leisure for local people, but will also aid in the regeneration of the whole of Lanarkshire by bringing in substantial public and private investment, and stimulating the local economy.

Jack McConnell: "Vital for area"

"It has the potential to become the hub of Scottish business development in the 21st century."

Liz Connolly, chief executive of Scottish Enterprise Lanarkshire, said the public and private sector project will transform the area.

She said: "This masterplan will set the standard for future regeneration projects, enhance Lanarkshire's reputation for innovation and act as a catalyst for continued investment throughout Lanarkshire," she said.

Ravenscraig was the last major steelworks to be developed in the UK and was closed in 1992.

The new project is based on a masterplan for the site which was drawn up in 1997.

Since then millions have been spent on restoring the site, including a decontamination operation and construction of a new spine road.

'Boiler room'

Scottish Education Minister Jack McConnell, the Labour MSP for Motherwell, said: "The transformation of the old Ravenscraig site into the new Ravenscraig community is vital for the regeneration of central Lanarkshire as a whole."

When Ravenscraig closed in 1992, it took with it a history of heavy industry in Lanarkshire.

Tommy Brennan, 68, who worked at the old steelworks for 31 years, said: "Lanarkshire always was the boiler room of Scotland and it is good to see the old 'Craig being developed and being a boiler room for jobs and investment once again, after all of these years."

Emphasis has been placed on environmental issues, with a promise to conserve and enhance more than 500 acres of existing parkland and wooded gorge on the site, which will serve as a community nature park.