ALMOST 50 acres of "neglected" land in Bargara may soon turn into a 181 lot residential development.
The land is located on the corner of Moodies and Watsons Rds in a residential zoned area.
And it is not the first time the Bundaberg Regional Council has received an application to develop the land.
In 2006, champion cricketer-turned-businessman Craig McDermott was successful in his application to subdivide and develop the land as "Bargara Beach Estate".
But the councils Planning and Development spokesman Ross Sommerfeld said only minor infrastructure including roads and fences was installed before the development came to a standstill.
Mr McDermott's development company Maxen Development was reported by the NewsMail in 2010 to have fallen into $22 million debt, $8.85 million of that directly related to Bargara Beach Estate.
He filed for bankruptcy on June 12, 2008.
International asset management company Investec is now the mortgagee in possession of the land.
Bargara divisional representative and Economic Development spokesman for the council Greg Barnes said the receivers had previously tried to sell the land but were now looking to go ahead with the development.
An Investec spokesman confirmed the company was seeking to recover loan money but said it would not comment further until the application decision had been made.
"For years, it's been an overgrown haven for snakes and vermin," Cr Barnes said.
"There's also been a significant grass fire in there in previous years."
Cr Barnes said beyond the economic development benefits, he said the progression of the project would tidy up the "dilapidated look" that currently existed on the street.
Cr Sommerfeld agreed and said the council would be more than happy to talk to Investec.
"Because at the moment, the site has been neglected," he said.
While the application is still being considered by the council, construction of the development is proposed to roll out in 11 stages with lot sizes ranging between 600 and 1060 metres squared.
Two additional, residential subdivisions are anticipated go before the council in coming weeks. One located on Bargara Rd and the other on Howard St.