Langley village could grow by more than 100 houses if development plans for the Rieter Scragg site are approved.
Father and son partnership Andy and John Downes, who own the former textile mill off Langley Road, want to build 87-101 houses and apartments on the 5.2 hectare site, plus a mixture of shops and industrial units, potentially creating up to 70 jobs.
Andy Downes, 42, from Gawsworth, said: "We bought the site before the recession and it’s become quite difficult to let.
"At the moment it’s a big, unused factory.
"Nobody wants that, it needs to be developed."
The father-of-two added: "I’ve lived in the area most of my life and my father still lives there, so it’s important for us to get it right and do what is best for the village. "We have consulted with the planners and the residents and come up with this development with a lot of open space."
Yarn suppliers F Hardings is the only business currently on the site.
Under the proposals all buildings except for a single brick structure would be demolished.
Alison Freeman, of the Emery Planning Partnership, organised two public consultations.
She said: "We’ve listened to what residents have said.
"For instance, someone suggested a play area in the centre of the development was too separate from the rest of the village, which we thought was a good point, so we have moved it.
"Hopefully we have come up with a plan people will be happy with."
A rural needs survey is being carried out to see how much affordable housing will be included in the proposal.
