The site was formerly known as City Reach and has stood empty for more than a decade.
It has existing planning consent for more than 1,000 homes alongside student accommodation, but Latimer has started a redesign to deliver a £200m residential-led mixed-use scheme.
Work on site is expected to begin in early 2021 with site remediation and submission of a revised planning permission.
Construction will create a thriving community alongside retail units, space for creative industries and leisure facilities.
Richard Cook, Group Director of Development for Latimer, said: “Our vision is to give a new lease of life to the site, kick-starting a residential-led mixed-use regeneration along the River Aire and Kirkstall Road which has been a vison for the City of Leeds for more than ten years.
“We want to deliver a high quality, mixed and sustainable community which sets a new benchmark for the provision of affordable homes in Leeds, with private outside space for residents alongside public open spaces, employment opportunities and car-free access into the city centre.
“In addition to homes for private sale, this development will deliver much-needed affordable rent and shared ownership homes, enabling more people to benefit from all that the city has to offer.
“We welcome the opportunity to engage with both the City of Leeds and the wider community to bring forward this scheme of significant importance.”