The building has been boarded up for five years, despite previous plans to refurbish the site, including for a 12-storey block of flats.
But now Dow Investments Ltd has lodged plans to renovate the building into 30 retirement flats.
David Henderson, chair of Kirkcaldy West Community Council, said the proposal was "the most realistic and acceptable plan so far”"
He said: "I haven’t had an opportunity yet to look at all the details but it seems promising. We would cautiously welcome this. I am currently consulting with the community council. The responses so far are quite favourable, but that doesn’t mean there will be absolute agreement."
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He added: "I personally think this one will go through but there is the potential for traffic congestion, which isn’t helped by the new traffic lights at Adam Smith.
"There is also a rat run at Sang Road as people try to avoid the traffic lights and, unless there is enough space for turning inside the courtyard, we’ve got a potentially dangerous situation. I believe the problem will be with transportation."
Dow Investments withdrew original plans to build 40 retirement homes; a scheme which would have involved partial demolition of the building.
Scottish Civic Trust was neutral about the plans submitted last year but Kirkcaldy Civic Society objected.
(IT)
