The site has been lying vacant for many years and as a result of the poor condition, will have to be demolished as part of the project.
Nile Istephan, CEO of Eildon Housing, said: "We were delighted when we acquired this key site in the heart of Galashiels, so we can continue to invest up to £137 million in new housing in the Borders. There is a high need for affordable housing and this proposal is the next step in working with the planning department on a range of housing options which meet the needs of the local community. Our investment also generates local training and employment opportunities for the area."
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If approved, the plans will transform the local area with much needed affordable housing built by one of Scotland's leading developers, Springfield. Tom Leggeat, Springfield Partnerships Managing Director said: "We're excited at the prospect of working with Eildon Housing to bring quality homes to Galashiels for people that need them. We look forward to receiving the Council's comments in due course."
