The partnership working as K2 Regeneration plan to regenerate Middle Deepdale and the wider Eastfield area of Scarborough.
The scheme is a partnership between Scarborough Council and private developers. Plans include building homes for sale and for rent and Extra Care housing on both Middle Deepdale and across Eastfield.
As well as residential the project will include a school, a new link road and bridge.
If approved construction could start at the Eastfield site in spring next year, with the whole project taking up to 15 years to complete.