The project will also include shops, restaurants, a 150-bed senior care facility and possibly a new primary school, health centre and sports pitches.
Construction work would begin in 2015 at the 470-acre former ironworks site, located close to the M1, if planning is approved.
Councillor Geoffrey Smith, Erewash Borough Council’s lead member for Regeneration and Planning, said: “This is the biggest proposed redevelopment scheme in recent history for Erewash and there will be a substantial number of issues to consider, people to consult with and information to be assessed.
“It will therefore take many months for the Council to consider the application.”