Once one of the major tourist attractions in the region, the American Adventure was a favourite day out for thousands of Derbyshire families.
The park opened in 1987 and during its pomp was home to the top-rated rollercoaster in the UK – The Missile. The log flume, known as Nightmare Niagra, was the country’s tallest during its operation.
Now plans to build at least 500 homes on the site have been given the green light by the county council.
The 114-acre site in Shipley – which was home to the theme park until its closure in 2007 – is to be redeveloped to incorporate a hotel, retirement village, a variety of housing, leisure and offices.
Landowners, Derbyshire County Council have given the seal of approval to developers Waystone, who will submit a planning application to Amber Valley Borough Council later this year.
A spokesperson for Waystone said a public consultation is expected to be under way in the next two to three months.
In 2005, the park was re-branded as a family attraction, but two years later it closed down.
Paul Beesley, from Ridemad.com visited the park just before it closed. He said: “This was one of the best days out we had in the summer holidays, it was a lovely park with a great atmosphere and a good choice of rides.”