Craigie Estates Limited made alterations to its initial plans for the city’s former Wallace Craigie Works.

The Halley’s Mill facade, including the instantly recognisable gold lettering on red brick, is to be saved as part of a multi-million pound redevelopment, which will see the whole area transformed into high-end modern housing.

The plans propose conversion of the category B-listed Mill building as well as the demolition of some listed structures on the site to make way for new construction were different to plans that were granted approval in 2012.

The news comes in the nick of time as the crumbling B-listed building is falling into extreme disrepair.

If approved, the old signage could become the new front for 32 flats.

The rest of the flats would be built on land currently occupied by an old workhouse and a former site office building, which would both be demolished.

The long-awaited development by owners Craigie Estates Ltd has been in the pipeline since 2009, but has been delayed due to the financial crisis.

An earlier planning application, which had already been approved, was revised to reduce costs. Developers say the latest application reflects the final vision for the site and it is also expected to get the green light.

The application states: “Following numerous months of value engineering and input from contractors, the proposal was revised to ensure the development was affordable and achievable but retaining the concept and essence of the original scheme.

“The revised application is for phase one of the overall masterplan proposal for the site, to enable these works to commence.”

Built in 1835, Halleys Mill was once a prestigious icon of the city’s world-leading jute industry.

As one of the biggest mills in the city, it employed hundreds of people and outran many of its competitors to become the last working, independently-owned mill in the city.

The site is at about 100 metres above sea level and enjoys sweeping views over the Tay, which is expected to draw significant interest from home buyers.

The project is planned to be built in two phases. A spokesman for architects The Voigt Partnership Ltd said it was hoped work on phase one would begin within months.