I think it's a brilliant idea, and I'm (soon to be) a planner.
Brownfield site, I'm sure it'll be a heritage site, something like grade II... But with it being muted to keep the iconic concrete chimneys, but there's been other 'potential investors'. From the local authorities view, they might think enough is enough as it's been derelict a while and not much else going for it + the Community Infrastructure Levy means the club would have to pay for the improvement of the train/underground station upgrades etc.
Architecturally, it would be amazing, and if they were to adopt more brickwork and more modern techniques and materials it could look beautiful.
Reminds me of the Indianapolis Stadium... Looks like a warehouse!