THE £150 million transformation of a Georgian army barracks into new homes and a rejuvenated university campus has moved a step closer with the submission of a planning application.

The regeneration of Preston Barracks in Brighton is predicted to generate £500 million for the city economy and create 1,000 jobs.

The plans for the site, which had lain derelict for 20 years, includes 369 homes, 1,338 student bedroom and a new home for the University of Brighton’s business school.

Plans have been submitted by a partnership between the university and developers U+I who are also responsible for the Circus Street redevelopment in Brighton.

The designs have undergone a year of “community engagement” and has been recently revised with 19 additional homes, a reduction in the height of buildings, additional community facilities and a transport plan.

The project has a working title of Momentum: Lewes Road, and has been designed by award-winning architects, HASSELL, Studio Egret West, TP Bennett and Stride Treglown. Plans also include a 50,000sq ft Central Research Laboratory for start-up and SME businesses funded by Coast to Capital LEP.

A new pedestrian bridge across Lewes Road as well as new squares and crossings are designed to improve pedestrian access while new cycle docks and more than 1,000 cycle parking spaces are included.

The masterplan includes the university’s Mithras car park and Watts car park as well as Preston Barracks.

Richard Upton, U + I deputy chief executive, said: “We have the opportunity to create meaningful and transformational regeneration in this important mixed-use scheme for Brighton.

“By helping to alleviate pressure on the city’s private housing market, attracting inward investment and developing a thriving hub for local businesses, this scheme will create long-lasting socioeconomic benefit for the local community and the city as a whole.”

Professor Debra Humphris, University of Brighton vice-chancellor, said: “This partnership is aiming to deliver one of the most ambitious and transformational projects for the city in a neighbourhood where meaningful regeneration is long overdue.”

Brighton and Hove City Council leader Cllr Warren Morgan said: “It’s good to see progress with the council’s ambition to work with partners to regenerate key brownfield sites, in this case providing over 1000 jobs and 350 homes, including affordable homes.”

A decision on the plans is expected early this summer.