The proposals include a clubhouse, accommodation with up to 39 suites, a spa and restaurant.
The 97.58-hectare site already has consent dating from 2004 for the development of an 18-hole championship golf course and work is currently under way on the course, which has been designed by 1973 Open champion, Tom Weiskopf.
The site includes a farm known as Feddinch Mains, which currently lies vacant and derelict and will form the focus for new facilities.
All existing buildings at Feddinch Mains, with the exception of the listed farmhouse, are to be demolished as part of the proposed development.
A previous planning consent for the clubhouse, including 41 apartments, by Scotia Investment group was renewed in January 2017. This was on the strict condition that it would lapse in three years if construction had not begun by then. The permission expired in January 2020.
GPH Engineering purchased the site in early 2020 and is now looking to progress the clubhouse's development and associated developments
A Proposal of Application Notice has been submitted to Fife Council to develop the clubhouse and associated works, including minor alterations to the golf course layout.
A spokesperson for GPH Engineering said: "This exciting and ambitious scheme will deliver unrivalled standards of golf, accommodation and service at St Andrews, the Home of Golf, benefiting both members and the local community.
"The new course and clubhouse facilities will deliver some lovely coastal views in a fantastic unrivalled location, supporting a growing interest in golf, with the best courses attracting national and international visitors.
“It is our clear desire to deliver a project with lasting economic benefits to the town, Fife and Scotland. Schemes such as this provide a vital means to support the recovery of the tourism sector from Covid-19, delivering considerable employment opportunities - both during construction and onsite once complete.
"We're looking forward to consulting widely with the community and key stakeholders over the coming months on our proposals, which will include a digital consultation event in May."
Weiskopf said: “The uniqueness of Feddinch is two-fold: it is in a superb location, just 2.5 km from the beautiful town of St. Andrews, the home of golf, and will offer superb facilities, including a stunning clubhouse and golf course.
“The new owners are committed to providing the most comprehensive golfing experience in the British lsles and I am incredibly excited to finally see this dream project come to fruition.”