A hotel which closed last year could be turned into 18 flats and houses, including a penthouse apartment.
The Hunting Lodge in Cottingham ceased trading in November, with the loss of 20 jobs.
A planning application has been submitted to Corby Council by its joint owners Herbie Waser and Lindsay Fairbairn to convert the building into a residential development.
They bought the hotel, which had 35 rooms, in 1995 and added a new block in 2005 which provided a further 18 rooms.
The proposals now are for four ground-floor apartments, four first-floor apartments, a second-floor penthouse, five two-storey mews properties and four cottages.
When Mr Waser announced the hotel’s closure last year he said it was a sign of current economic conditions.
He said: “There is a price war with hotel rates and we have to pay high commissions to internet booking sites.
“There are too many hotels and not enough business.
“I’m very sad, I’ve been in the business for 51 years and used to own the Carlton Manor Hotel in Corby.
“Everybody is struggling and we’ve kept it going for as long as possible.”
There was speculation in the village that the Hunting Lodge would be turned into a care home, creating more jobs.
A report to Corby Council by WB Property Consultants of Walgrave, acting on behalf of the owners, says alterations to The Hunting Lodge will mainly be internal.
Some windows will be replaced with French doors to create balconies and terraces to enhance the property.
It says: “High end oak-style garages will be built in the car park and there will be matching bin storage units.
“Communal areas will be kept to a minimum.”
The report says a new entrance gate to be electronically controlled by residents will be put up.
Landscaping around The Hunting Lodge will not be affected by the proposals.
Andrew Bilson, arboriculture consultants based in Peterborough, have submitted a report to the borough council on behalf of the owners of the hotel.
He says a survey conducted in January does not pose any health or safety issues.
Cottingham resident Ian Hodge said he welcomed the scheme.
He said: “I think the proposals are to be applauded. We could do with more housing in the village.”
The hotel owners were not available to comment.