Production at Can Morató ceased in 1960. | Elena Ballestero

The Pollensa-based bank Colonya, which signed an option to purchase the old Can Morató textile factory in January, has received 42 proposals from architect firms for the restoration of the building and its conversion into the bank's headquarters and a social/cultural centre.

Colonya's CEO, Biel Bauzá, says that the bank had expected between 20 and 25 proposals. A lengthening of the deadline during lockdown led to there being more than anticipated. Fourteen have now been shortlisted, and there are some prestigious firms among the applicants. They include the firm which won the Catalonia National Award for Cultural Heritage for the redevelopment of Barcelona's Teatre Liceo.

The purchase price hasn't been revealed, but it is thought to be around one million euros. Colonya's purchase is conditional on town hall and Council of Majorca modifications to building use and rehabilitation for what is a listed property on rustic land. The old factory, which once upon a time had a strong reputation for its carpets and rugs, lies within the Tramuntana World Heritage Site, and this is also influencing its restoration.

The modifications to building regulations are also dependent on a report from the regional government's water resources directorate. This is a mandatory requirement.

The factory was operational between 1922 and 1960. The building has deteriorated over the decades. There have been fears that it would have to be demolished because it poses a safety risk.