The plans would have included housing and leisure facilities
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The firm behind plans for a £700m land regeneration project in Merthyr Tydfil is refusing to abandon the idea.
Merthyr Village Ltd (MVL), which wanted to build 2,000 homes, a shopping complex and business park says it may submit a new revised proposal.
Its original plan was rejected by the assembly government on the grounds of conservation, historical sites and town centre regeneration.
The firm said local disappointment to the decision led it to rethink plans.
MVL said it was "overwhelmed" by the reaction from people who were angry the plans had been thrown out.
He said that following messages of support the company intended developing a revised proposal for the 560-acre site in Rhydycar.
John Walters of MVL said: "Many people have been contacting us expressing shock that a project which promised so much to Merthyr Tydfil and the Heads of the Valleys will not go ahead.
"The people's views are that Merthyr Village was needed to give young people a reason to stay in the area - and not drift away in search of jobs and housing.
"Since the decision was announced we have been examining the planning inspector's report in great detail and considering our position."
He said the team behind the project was now working on a new proposal for the site and said more information would be available later this year.
But there has been concern about the resubmission of a revised plan by people opposed to the scheme.
Independent councillor Les Elliot said despite MVL's claim of a lot of support, he believed there were more people who were happy the scheme had been rejected.
Beauty spots
"There are a lot of people who were glad the scheme was rejected, people are fed up of our beauty spots being taken up by developments like this.
"And there is a strong feeling that the infrastructure simply couldn't take such a development, the roads wouldn't be able to handle it for one thing.
"I know there is support for it but I also think that there is as many against it.
"It's gone through the planning process and it was turned down and I think they (MVL) should just leave it be now," he added.
The original project was a privately funded regeneration venture that would have seen hundreds of new homes and shops built.
Developers estimated up to 2,000 jobs would have been created.
Merthyr Council had backed the plans, which were subject to public consultation and passed to the assembly government for the final decision.
But there were mixed feelings locally, including concerns over how sites of historic interest would be preserved.
In particular, campaigners had questioned how the remains of 19th Century coal mines, 18th Century iron mines, and a range of tramways and railways would be preserved.