The artist is planning to take advantage of rising house prices to build 750 homes in North Devon.
Hirst, who lives near the Ilfracombe site, has submitted the plans to the local council through a company called Resign.
The scheme also includes a new school, business and sports facilities, which will be built on 76ha of land to the south of the town, which Hirst partially owns.
Local councillors are supporting the plan, which will help to regenerate Ilfracombe and bring extra spending to the town centre.
The plan is to develop the site over 10 years, sustaining around 100 construction jobs each year.
