Plans have been submitted to demolish parts of a shopping centre and replace it with a retail, commercial and leisure complex.
The scheme would see up to 762 homes being built on the site of The Meadows, Chelmsford, if approved.
Developer Dominus said it would “breathe new life” into the heart of the Essex city’s centre, with the potential to create 400 jobs.
Chelmsford City Council has the final say on the application, which focuses on about 8.5 acres (about 3.5 hectares) of land.
Blueprints show that 4.2 acres (about 1.7 hectares) of the scheme would be dedicated to “high-quality” public space.
The developer said its proposal would create a new riverside destination that would strengthen the southern end of High Street.
“Our vision would transform The Meadows into a thriving riverside quarter fit for a growing and ambitious city like Chelmsford,” development manager Tristram Taylor said.
“We have worked with the community to understand local priorities, crafting a future for the site as rich as its heritage.”
The Meadows, which is home to a Wildwood restaurant and Kaspa’s, opened in October 1992.
Dominus submitted a hybrid application for 537 homes to be included in any development, with a further bid for 225 extra properties.
Lib Dem council leader Stephen Robinson previously told the Local Democracy Reporting Service that High Street “does need some investment”.
“The council welcomes the fact there is a developer who is keen to redevelop the southern end of the High Street, which has become a bit less active,” he added.