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Plans to build around 700 homes on the site of a former paper mill in Cardiff have been unveiled.

The Welsh Assembly government and Principality 好色先生TV Society is setting up a not-for-profit company to develop the 53-acre Ely Bridge site, in a move expected to create some 200 construction jobs a year over five years.

If Cardiff council approves the plans from Ely Bridge Development Company, construction on the mix of housing - at least half of which is expected to be 鈥渁ffordable鈥� - could begin as soon as October.

David Ward, head of planning and urban design at consultancy firm Arup, has been appointed as the development company鈥檚 interim chief executive.

He said the project was 鈥渢ruly innovative鈥� and would put Wales 鈥渁t the cutting edge of housing delivery鈥�.

鈥淕ood quality, well managed, affordable housing is a key component of our economy鈥檚 infrastructure, providing direct jobs through construction and the conditions for stable labour markets that are so critical in supporting growth,鈥� he said.

Principality Group chief executive Peter Griffiths said the project鈥檚 success could pave the way for delivery for similar 鈥渋nstitutional rental鈥� models to be replicated elsewhere in Wales.

The current plans involve a 拢6m loan from the Welsh government and a conditional land purchase agreement to secure the site.

Principality said the development鈥檚 model would see the affordable housing units sold to an investment company in 100-unit tranches up to the completion of the development.

The affordable housing will be managed by an experienced community based housing association, while the scheme鈥檚 open-market homes will be delivered through the sale of serviced development sites to housebuilders.

It said the Ely Bridge model was 鈥渇undamentally different to the traditional UK house-building model鈥� and meant affordable housing underpinned the development financing, giving access to funding on a scale not readily available in the current market.