Developers planning to revamp the site of the former Johnnie Walker factory in Kilmarnock say the regeneration could create 1,000 new permanent jobs.
The whisky bottling plant shut in 2012 with the loss of 700 jobs, despite strong protests to owners Diageo, ending the drink's 192-year connection with the East Ayrshire town.
Diageo now plans to donate 23 acres of land at the site and has pledged £2 million in support of a proposed regeneration scheme for homes, offices, leisure facilities and a conference centre.
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The offer is subject to the scheme securing funds from the Scottish and UK governments through the Ayrshire Growth Deal.
East Ayrshire Council's cabinet approved £2 million of support for the project on Wednesday, although the scheme will be mainly funded by the private sector.
The council now plans to seek an extra £10 million through the growth deal, which was drawn up by the three Ayrshire councils and has a total project value of £359 million. Other projects include road and rail improvements and support for the aerospace industry at Prestwick.
Read more: Plans to turn popular island pub into church revealed
Kilmarnock-based developers the Klin Group's proposals for the former Johnnie Walker site include two business centres, a cultural hub and an 1,000 capacity education, conference and exhibition centre.
It also plans a sports centre, 3,000sq metres of offices, 175 homes, landscaping and a district heating system.
East Ayrshire Council leader Douglas Reid said: "These proposals are a key element of East Ayrshire Council's ambitions for the Ayrshire Growth Deal and will greatly contribute to the regeneration of Kilmarnock, breathing new life into the remainder of the site previously occupied by the Johnnie Walker bottling plant."
David Cutter, president of global supply and procurement at Diageo, said: "We are delighted to partner with East Ayrshire Council to support this regeneration proposal for Kilmarnock. Our ambition has always been to see this site redeveloped to the benefit of the local economy and community.
Read more: Plans to turn popular island pub into church revealed
"Alongside the new college campus which is due to open soon at the site, we believe this regeneration plan will create a positive legacy for Kilmarnock and we hope it will gain the necessary support from the Ayrshire Growth Deal to make it a reality."
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