The Mayday Saxonvale team has "initiated further discussions" with Somerset Council in a bid to kick-start the redevelopment of the long-vacant brownfield site in Frome town centre.

The Saxonvale site has been the subject of two competing proposals for its regeneration – one from the Bristol-based Acorn Property Group, the other from the locally-based Mayday Saxonvale.

Following a six-hour meeting on Wednesday afternoon (July 31), Somerset Council's executive committee announced it would be selling the site to Acorn – prompting outcry and scathing criticism from local residents and politicians.

Less than 24 hours later, Acorn announced it was withdrawing from the project – leaving the door open for the more popular Mayday scheme to be implemented.

Mayday Saxonvale has now said that it had opened talks with the council, stating that it was in a position to begin work on delivering the new development very soon.

Mayday Saxonvale director Paul Oster said: "We are pleased to confirm we have initiated further discussions with Somerset Council regarding the potential purchase of the Saxonvale site.

"We look forward to positive and constructive discussions with the council, and to making a community-led development in Saxonvale a reality.

"We will provide further updates on the progress of these discussions when we can."

The Mayday Saxonvale bid included the following:

• 263 homes, of which at least 30 per cent will be affordable (with a stretch target of 50 per cent)
• At least 10,000 sq m of commercial and community space
• A riverside park and children's play area
• Improved cycle links between the site and Vicarage Street
• The realignment of the A362 Garsdale roundabout and £246,000 towards improving the Gorehedge junction
• New public open spaces
• A hotel and spa
• A lido
• Nearly £828,000 for improving local schools

Somerset Council declined to set a date for a future decision on the site, but said it would be working with Frome Town Council, Homes England and other partners to make an informed decision.

A spokesman said: "We can confirm we are in discussions with Mayday Saxonvale and other stakeholders about potential options for the site."