NEW plans have been drawn up which could breathe fresh life into the regeneration of Weaver's Triangle in Burnley.

Weeks of talks between Rossendale-based developer Hurstwood and Burnley Council have resulted in amended plans being submitted for the former industrial heartland.

Developers say that more homes must be included within their proposals, to make the project financially viable, so the number of residential properties has risen from 138 to 245.

And Hurstwood officials say demand for office space has plummeted in recent months, so the number of business units has been slashed in the latest draft of their Weaver's Triangle masterplan.

However plans for an 800-seat music venue, restaurants and bars remain in the plans.

The developer has benefitted from an outline planning consent for the site, bounded by Traflgar Street, Westgate and Sandygate, since 2006.

But now the property giant wants to alter a number of key planning conditions to make their ambitious revamp proposals to become a reality.

A Hurstwood spokesman, in a planning statement submitted to Burnley council, makes it clear that discussions over Weavers Triangle have reached a critical point.

The council and Hurstwood now hold the majority of land and grants have been lined up, principally the Northwest Development Agency, which is behind Anthony Wilson's Fashion Tower concept, now known as Weave.

But a warning has been issued that market forces and funding pressures mean that the chance to regenerate the old cotton industry hub is finite.

The statement reads: "These favourable conditions of course will not last indefinitely and it therefore behoves all partners to grasp the opportunities now presenting themselves to make early and positive progress.

"The final ingredient which will effectively signal the start of the process ultimately leading to the long-awaited commencement of the regeneration of Weavers Triangle, and in doing so provide the catalyst for the wider regeneration activity, is the granting of planning permission for this scheme."

The latest twist follows the Lancashire Telegraph's revelation that the triangle land had been put up for sale last October.

But at that time Hurstwood chiefs insisted they were still committed to working on revamped proposals for the area with council planning officers.

Burnley council leader Gordon Birtwistle said: "It is good to see that Hurstwood is back on board and are moving ahead with the planning application for this development. This is one of the key developments for Burnley.

"Hopefully we will see some work commencing on this site by mid-2008. St Modwens have started work on the Lambert Howarth mill and it would be good to see something happening here as well."

Coun Mark Townsend, deputy Labour leader, said he still had concerns about "the rate of progress" behind the scheme, as well as changes to the overall make-up of the development.

"The council should be generating enthusiasm about this and pulling the private sector along, rather than the opposite way around," said Coun Townsend.

"There is a big danger, from this, that we will keep seeing things watered down from what we originally intended."