Around one hundred jobs will be created if a new 60 bed care home is built near Lincoln.
Barchester Homes and Frontier Retail have lodged plans with West Lindsey District Council for the development in Park Lane, Burton Waters.
Work could start next year on the residential care home, which will also cater for people living with dementia.
Kenneth MacKenzie, director of development at Barchester Healthcare, said: "Burton Waters is the perfect location for a Barchester home as it meets all our demographic and development requirements and will have stunning views for the home's future residents.
"The building is designed for residential, 24-hour nursing needs as well as dementia care in a Memory Lane Community, designed to encourage people living with dementia to stay as independent and active as possible.
"A home of this size will also create in the region of 100 jobs, giving a great boost to the local economy.
"With all things running to schedule, we hope to make a start on site in the second quarter of next year."
Simon Beardsley, chief executive of Lincolnshire Chamber of Commerce, welcomed the announcement.
"It is always good to hear about more jobs being created, especially against the backdrop of uncertain economic times," he said.
"We are pleased to hear these national companies have the confidence to invest in Lincolnshire and the creation of around 100 jobs at this time is very positive for the local labour market."
The scheme features 47 car parking spaces, a hairdressers, a laundry and ancillary buildings within the 7,440 square metre site.
According to a planning statement submitted with the blueprints: "The application site itself is located at a 'gateway' location within the Burton Waters development, being immediately to the south east of the main roundabout entrance to the development.
"The submitted scheme therefore properly acknowledges the sensitivity and importance of the location by attempting to create a landmark building that has substance, but which is sensitive to its surroundings."