The former Boots Island site has been derelict for many years despite various attempts to bring forward schemes for it.
Conygar Investment Company purchased the site in 2016 and has since been working up plans for a mixed-use scheme. It has now applied to Nottingham City Council for planning permission to build new homes, offices, shops, student accommodation and a five-star hotel.
Conygar is working with regeneration specialist Lavignac Securities to deliver the site, which lies between Manvers Street, at the bottom of Sneinton, and London Road.
Christopher Ware of Conygar said: “Since purchasing the site, we have been carefully considering our plans for this high-profile site; it has seen a number of false dawns over the years and we have been working hard to ensure that our plans are realistic and will allow us to deliver an achievable scheme that will benefit Nottingham.
“We know how significant this site is for Nottingham and we are committed to delivering a scheme which is not only unique to the city but the UK. We have been working alongside Nottingham City Council and key stakeholders to ensure that our plans complement their vision for the city.”
Lorraine Baggs, head of inward investment at Invest in Nottingham, added: “We are very pleased to see a planning application submitted for this significant site within the city centre. It is one of a number of planned schemes that forms part of the Southern Gateway and will breathe new life into a site which has sat unloved for many years.”