FI Real Estate Management, which owns The Brunel Centre, wants to remodel the area around Wharf Green and Canal Walk with two tower blocks consisting of 300 residential units, and 3,000 sq ft of leisure space including restaurants, bars, and cafes.
The proposed tower blocks would be 24 and 20 storeys high. The development will also include a 'pocket park' for residents.
The development would see the retail unit currently occupied by House of Fraser, and the spiral ramp of the adjoining car park, demolished.
The company carried out a public consultation exercise in July. It says 84 percent of respondents were either supportive (65 percent) or partially supportive (19 percent) of the proposal.
A spokesman said: "We had a lot of positive feedback following the summer consultation and we have refined our plans to ensure that the majority view is accommodated, whilst continuing to maximise the space and remaining true to the development design appraisal.
"This is a bold and ambitious project which will help transform the town centre, attracting new residents with high-quality homes and a more diverse and varied leisure offer to further boost the local economy.”