Developers who have bought part of Keighley's historic Royal Arcade plan to transform it into flats and an Edwardian-style shopping centre.
Kingfisher Developments revealed its plans during the opening of its new Cameronian Court housing complex, also on East Parade.
The 98-year-old Royal Arcade has been closed for 12 years, though people lived in flats above until more recently.
Nearby shopkeepers, plagued with break-ins and vandalism, have repeatedly called for action to demolish or redevelop the building. Now Kingfisher co-director Frank Brooke has revealed he and partner Mark Holroyd have bought it.
They hope to devise a scheme to provide up to 20 homes above an Edwardian-style shopping arcade. They may seek public cash to subsidise development costs.
Mr Brooke says that, although the arcade is a listed building, some of it is probably not structurally sound. He added: "It would be criminal for work like this not to be done. The arcade is so close to the retail centre of Keighley."
The Royal Arcade was built in 1901, the year Queen Victoria died and Edward VII came to the throne. Gott and Butterfield ironmongers moved in, and it was popularly known as Butterfield's arcade.
The shop, described as an Aladdin's cave selling household goods, bicycles and camping equipment, closed in 1983. Keighley historian Ian Dewhirst said: "It was a thriving part of Keighley with a real sense of community."
In 1901 the arcade, then part of Low Street, was decorated with flags and bunting for the coronation of Edward VIII.
Kingfisher recently completed Cameronian Court and neighbouring Kingfisher Court with a £400,000 subsidy from Keighley's Single Regeneration Budget.
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