The financially troubled Cardiff Bay housing project could be restarted if plans lodged by a contractor are approved by the city's council.

Bellway has announced that it has applied to restart work on the Welsh development which was mothballed in 2008 when the height of the credit crunch took its toll on the company's proposals to build new housing within the heart of the country's capital. When plans were originally laid out, the 17-storey structure was supposed to be a landmark for the city of Cardiff, offering buyers glorious, sweeping views of the bay area but these visions were cut short when the demand for apartments slowed during the economic downturn.

However, WalesOnline has reported that Cardiff could still get its next 'landmark' as both Bellway and Prospect Place, the company behind the original plans, is looking to get it back on track. The firm has made an application to the city council stating that during 2008 it had been "significantly affected" by the worldwide economic crisis, which had seen Cardiff's housing market "dry up". Bellway has stated that Prospect's decision to continue is a sign that the sector in Wales is beginning to improve.

Prospect stated that it has asked the local authority if it can make an adjustment to the original plans, which encompassed the construction of a 76-flat tower. The company now wants to convert ten of the apartments situated in Block T from one to two bedroom structures.

Julian Kenyon, Bellway's corporate affairs manager, told the news provider: "Following the completion of our successful Quayside development we wanted to maintain momentum in Cardiff Bay, and we are confident that the level of demand will support the completion of this landmark building at Prospect Place."

The decision comes in the week that prime minister David Cameron and deputy prime minister Nick Clegg announced a range of measures designed to give both the housing and construction a major lift. The government revealed that it would be providing a substantial cash injection into the industries to 70,000 new properties as well as 140,000 positions within the construction sector.

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