A multi-million pound makeover has been proposed for a Victorian asylum that has suffered a history of vandalism and arson since it closed in 1995.
The plan will see North Wales Hospital in Denbigh turned into 300 new homes and the central section of the Victorian Grade II* listed building restored.
Builders claim the work will see a £75m boost to the local economy.
Ruthin developers Jones Brothers has begun a pre-application consultation.
The firm will then submit a planning application to Denbighshire council for the first phase of work - the development is expected to take 10 years.
The derelict site has been a magnet for vandals since it closed in 1995.
Denbighshire council's Graham Boase said the authority has secured a compulsory purchase order so the land was "transferred from the off-shore company based in the British Virgin Isles to a developer who is committed to regenerating the site".
Mr Boase said the council was working with Jones Bros to explore how to regenerate the site.
The intention is for the U-shaped central section and façade to be restored and turned into flats, shops, restaurants and a gym.
Mr Boase said: "Any planning application that is submitted by Jones Bros following this consultation exercise will be subject to a full public consultation exercise and any decision will be made at a future planning committee meeting."
Helen Morgan of Jones Brothers said: "It is our intention to create a development that is sympathetic to the area and that restores the vital links between this historic site and the town."
There will be a public consultation at Denbigh Library on 2 December from 13:00 GMT to 19:00.