It is the fifth major scheme being worked up by the joint venture between Kier Properties and Network Rail, set up several years ago to improve railway stations through the development of under-utilised brownfield railway land in the South East of England.
The four-storey development at Haywards Heath will see the existing station building renovated and the transport interchange improved as well as building a supermarket, hotel and shops.
The plan has been scaled down from a previous £200m scheme proposed by developer Thornfield, which also included 700 homes.
Haywards Heath councillor Jonathan Ash-Edwards said: “The submission of a planning application for the station site is a defining moment for the town, after decades of false starts and proposals coming to nothing.
Projects are progressing for stations in Epsom and Guildford in Surrey, and Walthamstow and Twickenham in Greater London.
Construction is underway at Epsom and Walthamstow, Kier will start work on the £40m Twickenham scheme later this year, and a planning application for the £200m redevelopment of Guildford station will be submitted shortly.