A row has erupted over controversial plans to demolish an historic Grade I listed crescent designed by the architect of Buckingham Palace and replace it with a £500milion block of luxury flats. After angering locals with an initial proposal, the developer has now submitted fresh plans to demolish the John Nash-designed Park Crescent West and rebuild it as apartments. The crescent's facade will look near-on identical to its current design, but residents who live behind the site are furious at the proposals, claiming years of noise and disruption will ruin their lives. Fresh start: Park Crescent West, next to Regents Park in London,  could be demolished and re-built again under controversial plans which have angered nearby residents worried about noise and disruption . How it could look: Controversial plans for houses behind Park Crescent West (pictured) have been unveiled by property developer PCW Property Holdings. The development would be made up of 73 homes in total . PCW Property Holdings paid £105million for the crescent in 2013. The new development will be made up of 73 homes, ranging from studios and mews houses to five-bed flats worth £15million. With around 183,000 sq/ft of accommodation, any completed development is set to be worth in excess of £500million. Carlo Seidel, who is representing residents, yesterday said 'an overwhelming number' of people were against it. He said: 'There are a lot of elderly people living here and a number who aren't healthy. They do not want the development to go ahead. Opposition: Modern flats next to the planned development (pictured) where residents are objecting to the proposal to demolish a Grade I listed crescent designed by the architect of Buckingham Palace . The vision: After angering locals with an initial proposal, the developer has now submitted fresh plans (pictured) to demolish the John Nash-designed crescent and rebuild it as ultra-posh apartments . A big deal: With around 183,000 sq/ft of accommodation, any completed development in place of Park Crescent West, near Regents Park in London, is set to be worth in excess of £500million . A glimpse into the past: How Park Crescent West looked in the early 1900s. It was designed by Buckingham Palace architect John Nash . 'This is a complicated project and there will be massive disruption. People are upset. 'It is at the expense of longstanding London residents who are expected to put up with years of misery and mess without any compensation, for the sake of the developer's profit.' Mr Seidel added: 'Residents are conscious that developments have to happen from time to time but they feel that they ought to be appropriately compensated for being caught up in one. 'It is probably going to take around five years and some of the elderly people are saying they won't be alive for another five years. 'If this is going to happen they are going to need decent compensation so they can move while any work takes place.' The crescent was originally designed by John Nash in the early 19th century to be grand houses for the friends and family of the Prince Regent. In the pipeline: The revamp will be made up of 73 homes, ranging from studios and mews houses to five-bed flats worth £15million. Residents fear the work could take around five years to complete . Bombed: What the crescent looked like in the early 1950s after being partially destroyed in the Second World War. The Grade I listed terrace was restored in 1960 and replaced with offices and residential accommodation . Nash, who designed Buckingham Palace, wanted a full circus, but only a semi-circle was ever built and a large amount was destroyed by bombing during the Second World War. The crescent was restored in 1960 and replaced with offices and residential accommodation. Developers want to replace the facade of the Grade I listed crescent, which is a 'flawed modern copy' of the original work by Nash. The proposals are to remove it and build a more historically correct and accurate replacement. There were plans to build 80 homes, but the developers had to revise their proposals after discovering an 18th century ice house beneath the road and parking bays. Fresh plans, consisting of almost 150 documents, were submitted to Westminster Council last week. John Nash, remembered for his work on Buckingham Palace, Regent's Park and Regent Street in London, is one of the most famous architects of the 18th and early 19th centuries. He was born in January 1752 and after an early education received training from the architect Sir Robert Taylor. After early education, Nash was trained by the architect Sir Robert Taylor and worked as a surveyor and builder in the city of London. In 1777 Nash established his own business and later inherited £1,000 from an uncle which he decided to risk on the building of houses in Great Russell Street and Bloomsbury Square. The buildings failed to rent out and Nash was declared bankrupt in 1783. Returning to London in 1797, Nash then designed a number of Gothic castles around the country, in places such as Luscombe Castle in Devon and Caerahays Castle in Cornwall. Nash  soon came under the patronage of the Prince Regent, later King George IV. In 1806 he was appointed Surveyor General of Woods, Forests and Parks and from 1810 onwards worked solely for the prince. By 1813 he had been appointed official architect to the Office of Works, which meant advising parliamentary commissions on things such as new church buildings. This was when he designed Regent's Park, Buckingham Palace and two theatres in Haymarket. When George IV died in 1830, Nash lost his royal protector amid a backlash about the extravagance of the King's reign. Buckingham Palace had cost thousands, millions in today's terms, and Nash ultimately retired. He died a few years later in May 1835. Architect: John Nash (pictured left), who designed Buckingham Palace, wanted a full circus but only a semi-circle crescent was ever built, where scientist and inventor Sir Charles Wheatstone (right) once lived . Landscaping: What the gardens could look like under the landscaping scheme for Park Crescent West. A raise pool with seating is included . But despite the anger from residents, there is support from people working in the property industry while Westminster Council would receive around £5million from the developers for affordable housing. Becky Fatemi, managing director of luxury estate agent Rokstone, believes it is an 'exciting new plan' which will help boost the area. She said: 'Over the last five years the regeneration of Marylebone and new super-prime resi projects in Regents Park such as the new mansions at Cornwall Terrace have totally transformed the perception of the park and its surrounding properties. Builders at the Park Crescent West site. Despite anger from residents, there is support from people working in the property industry while Westminster Council would receive around £5million  for affordable housing . On site: Builders at the Grade I listed crescent where property developer PCW Property Holdings insist the plan is for the facade to look near-on identical to its current design . There were plans to build 80 homes, but the developers had to revise their proposals after discovering an 18th century ice house beneath the road and parking bays . Around 200 people living in flats (pictured) that back onto Park Crescent West, many of whom are elderly, are opposed to fresh plans, consisting of almost 150 documents, submitted to Westminster Council last week . Unhappy: Carlo Seidel (right), who is representing angry residents, said 'an overwhelming number' of locals were opposed to the plans for Park Crescent (left). He claimed the project would cause 'massive disruption' 'Oil royals, wealthy Russians and Ukrainian commodity billionaires plus celebrities such as Tom Ford have all moved into homes around Regents Park and the location has become totally transformed into a highly sought after luxury village. 'The buyers will be people looking for homes in and around Marylebone and Regents Park who want lateral space and like the Regency aesthetic.' Ms Fatemi added: 'Modern schemes nearby such as The Chilterns and Chiltern Place are superb, but not everyone likes ultra modern developments. 'Period facade projects like Park Crescent and Cornwall Terrace appeal to another market who like opulent period architecture homes with luxury new specification features. 'This market is very popular with Middle East, Russian and Eastern European buyers, and it also attracts City brokers wanting a luxury London home.'
Developer's plans to build 73 luxury flats has angered residents who live nearby Park Crescent West in London .
They claim that noise and disruption caused by the building work could last five years and will ruin their lives .
The crescent was originally designed by John Nash, who also created Buckingham Palace, in the early 19th century .
Plans to remove the crescent's facade and replace it with something more historically correct and accurate .