An historic hall which was ravaged by fire in 2005 is to be turned into apartments.
Berkshire Homes bought The Holme, in Cliviger, at auction in April last year for £151,000.
Cliviger with Worsthorne ward councillor Coun. David Heginbotham now said he hopes the project comes to fruition.
“The trouble with that building is that five different companies have tried to develop it and they have gone bust because it requires so much work,” he said.
“Some people in Cliviger are against the development but I say let them get on with it.
“I do believe that if someone is brave enough to take it on, we should give them encouragement. It’s a Grade II Listed building and English Heritage will have to have some input but I think it’ll cost £5m. to develop it. I reckon it will cost £1m. just to restore the roof.”
Since the fire The Holme has been targeted by vandals and fly-tippers with residents complaining it has become an eyesore.
Coun. Heginbotham added: “The Holme is at the gateway into Burnley. It is a very sad case.
“I’m hopeful something will happen. Let’s hope that this company is going to do a good job.”