HOPES are high for the regeneration of the former Ebbw Vale steelworks site as more than 40 developers and investors from around the UK came to see the area's potential first hand.

The event gave developers from the private sector their first glimpse of the 200 acre site to see whether they would be interested in investing in the area.

During a local forum meeting on the progress of the steelworks site last month, Ebbw Vale residents expressed the hope that the visit would catch the eye of investors in leisure facillities.

In particular the residents had their fingers crossed for a cinema.

But at the moment Northgate One, a residential site with planning permission for 56 homes, is the only area on the market.

Developers are being invited to express an interest in the 1.14 hectare site which adjoins Steelworks Road by October 26.

Once a developer has been chosen for the project it is hoped that the homes could be complete by Autumn 2008.

Deputy Minister for Regeneration, Leighton Andrew said: "Ahuge amountofpreparatoryworkhasbeenundertakentodateandthe releaseofthefirstparceloflandforhousingisasignificantstepforwardinbuildinganewfutureforEbbwVale."

Savills, the company in charge of development consultancy and marketing for the project also anticipates a high interest from developers.

Peter Blake of Savillis said: "The size of the site and the commitment from all involved to achieve the highest standards for this new community is making it a landmark development that many private sector developers want to be a part of."

A date has yet to be set for developers to express an interest in other areas of the site, but plans have been approved for 720 new homes, a hospital, learning campus, theatre, leisure facillities and a primary school.