Plans have been unveiled for a multi-million pound Abbeyfield development at Bosvale in Falmouth, which will also replace the aging community centre.
Falmouth Rotary Club has donated the plot of land which currently houses the Bosvale Community Association building to the charity for the project.
The development, nestled between Boslowick Court and Prislow Fields, will contain 75 apartments and communal areas open to all.
And the community centre itself will be at the heart of the new building, encouraging the community in to mix with the elderly residents.
Landscaping around the site will open up the stream area and create a communal outdoor space.
The plans are at the early stages and will be subject of pre-application consultation with a full application expected to be submitted later this year.
Construction is expected to take 18 months and Abbeyfield hope to start work on site next year, subject to planning approval.
Rotary Club president Peter Griffiths said: "After long hard deliberation, looking at all the options, we decided the best use of this prime building land would be not to sell it to commercial developers, but to donate it to a trusted charity.
"We are persuaded that Abbeyfield will create an imaginative and attractive complex which will be a real resource, not only for its residents, but also for the local community and the whole town."
As well as construction jobs, the sheltered housing is expected to create 30 jobs.
Ian Thomas, Abbeyfield's development director said: "We are very keen to invest in development in Cornwall and we hope this will be the first phase of a larger investment in the county."
Abbeyfield Bosvale also plans to provide other services such as day care and support for people with dementia, not only for residents but other older people in Falmouth.
