Sprawling land to the city's east side will be transformed into a three-storey pavilion with restaurants and a rooftop terrace - and an impressive aerial image shows the vast scale of the project.
The first phase of The Island Quarter, earmarked for the former Boots Island site between London Road and Manvers Street, will also include a bandstand and new public space.
Detailed plans have been tabled after outline planning permission was granted to build a five-star hotel, new homes and office space on the 40-acre stretch of land.
An impressive aerial picture, included in the recent application, shows the vision for the wider site masterplan.
Christopher Ware, property director of Conygar, said: “We are delighted to be progressing with the planning application for Canal Turn, the first part of the first phase of The Island Quarter development.
"Each stage of preparing the planning application has been carefully considered and thought out and promises to create a thriving community and vibrant future for Nottingham for many years to come.
“The ultimate vision is to create a unique place that will be seen as a worldwide destination for Nottingham, providing year-round interest and community facilities and will be a place for Nottingham to come together, to live, work and enjoy.”
Conygar took on the site in 2017 in a £13.5m deal - and the proposed development passed the first phase of the planning process, when it was effectively given permission ‘in principle’.
Richard Watson, director of Conygar Nottingham, added: “We have been working closely with the architects Jestico+Whiles and the design team to develop these detailed plans.
"We have undertaken a lot of research over the last few years, not only with Nottingham City Council - but also the people of Nottingham to ensure that we are creating a development that is fit for the city and the UK.
“The whole development will be of huge benefit to the local economy and will create thousands of jobs during the build phase and beyond.”
East Midlands Chamber director of policy and external affairs, Chris Hobson, said: “This site represents a huge opportunity for Nottingham to make the city more attractive to both current residents and in bringing new people to live and work here.
“It is a unique example in the UK of such a large undeveloped site that offers a blank canvas to design a new mixed-use area so close to the city centre that also realises the potential of an under-utilised waterside location."
He added it was "great to see some real progress now being made".
As part of the first phase, improvements will be made to the canal at the London Road end of the site, as Conygar and its partners work with The Canal and Rivers Trust.
Operations from the vast site, once home to the Jesse Boot empire, were instrumental during the wartime.
In October 1993, Boots agreed the sale of the Island Street site to Nottingham City Council for £2m.
Several large-scale planning applications have been abandoned over the years, including proposals for a Tesco superstore in 2011.
