A regeneration scheme was announced in 2004; supported by the Phoenix Trust, the maltings would be converted into residential, retail and business space. Public consultation took place in 2005 and 2006, with around 90% of participants supporting regeneration and three-quarters asking for a cinema and entertainment complex. Lincolnshire Enterprise granted £200,000 towards the regeneration scheme and the Gladedale Group came forward to develop the project. Over the next three years, they worked with the Prince's Regeneration Trust to draw up plans for the site's regeneration which protected the historic exterior. In 2009, their proposals were submitted for planning permission. North Kesteven District Council approved the £50 million development in 2011; Tesco was also granted permission to build a £20 million supermarket as part of the redevelopment. The maltings would be converted into retail and office space, alongside 220 apartments.
