This is how the new development at The Point would look in Central Milton Keynes

Photos have emerged of the new tower blocks of flats that developers propose to build on the site of The Point at CMK.

Developers GHL (Galliard Holdings Ltd) are this month still awaiting determination of their planning application to demolish the famous pyramid structure and replace it with 487 new flats in blocks of up to 21 storeys high.

The artists’ impression shows The Point’s signature red colour echoed in the five new buildings, which would change the skyline of the city centre.

Galliard bosses say they plans to give the site a “bright, vibrant, and sustainable future” with high-quality homes, affordable housing, new shops, leisure spaces, work hubs and community spaces.

They plan to retain and enhance the existing car park but also provide 520 secure cycle parking spaces for new residents.

The planning application was submitted to Milton Keynes City Council last October and can be viewed here. No date has yet been set for it to be decided.

But it has prompted feelings to run high in Milton Keynes, with thousands of people signing a petition to prevent The Point from being bulldozed. They say the city centre does not need more flats and the building should be preserved for community use.

Campaigners have previously tried to get The Point a Grade II listed status to preserve it, but Historic England refused their bid on the grounds that it “lacked architectural merit”.

Meanwhile Galliard is still running a public consultation, encouraging people to air their views on a special website here.

The website states: “From our initial local engagement, we found that there are a range of views towards this site. Many have an emotional attachment to the site with fond memories, whilst some also like the current triangular building facing onto Midsummer Boulevard.

“We believe that our plans... give the site a bright, vibrant, and sustainable future which also aims to work with local people to ensure they capture community comments and honour the site’s rich history.”

The site adds: “Our vision is to regenerate and reconnect a prominent and important – but now disused space – into an exciting new destination, reconnecting it with the local area. We believe that a new development here can diversify Milton Keynes’ leisure offer, boost the night-time economy and as a result, act as a further catalyst in the regeneration of this vibrant city.”

Despite public protests, city councillors will find it difficult to refuse Galliard’s planning application. For they set a precedent several years ago by granting similar consent to The Point’s former owners Hammerson’s, who also wanted to demolish it and build hundreds of flats.

This permission expired before Hammerson’s could start work and the site was subsequently sold to Galliard.

The Point opened in 1985 as the first leisure destination for the new town and was home to one of the UK’s first multiplex cinemas, along with a games arcade, bingo hall and nightclub.

With its famous red pyramid of light visible from miles around, it was described as a 'beacon of the future' of MK,

However, after nearly 30 years, the building became outdated and the cinema was struggling to compete with the 16 screen multiplex in nearby Xscape. The Point cinema finally closed in February 2015.