The seafront development would involve construction of a new four to five star 77-bedroom hotel, 168 new apartments and space for five commercial units.
This will replace the existing Narrowcliff hotel, Hotel Bristol and two residential properties, as well as the Narrowcliff GP surgery which is relocating.
The new hotel will contain a gym, swimming pool, spa with treatment rooms, 56-seat cinema as well a 60-seat restaurant which will also be open to the public.
Apartments will be a mix of one, two and three bedrooms with a covenant excluding lettings through Airbnb.
The building will also feature local art, garden rooftops, underground parking and a landscaped public realm.
Construction of the hotel and apartments will support 375 direct and indirect jobs during the three-year build period with a GVA of £27m per year.
Air source heat pump technology, heat recovery systems, solar power generation and energy-efficient building materials will be used to minimise the development’s environmental impact.
The plans are out to public consultation prior to an application for planning.
Simon Ismail, MD of Salboy, said: “We’re glad to finally be able to present what we’ve been working so hard on and hope that everyone is now able to share our vision for what an updated Narrowcliff might look like.
“There’s no doubt that this is an ambitious scheme and it’s one we’re excited to get moving and bring to life.”