Cheshire West and Chester Council have put forward proposals to develop around 500,000 sq ft of retail, restaurant and leisure facilities under the Chester Northgate Scheme.
If approved, the project will be completed over two phases of construction, with work due to begin in autumn 2017.
The first phase will see two restaurants built within the shell of the current library building, including a new market hall to replace the Chester Market.
Other features include a six-screen cinema and a 167-bedroom four star hotel and conference centre.
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Demolition works will also take place to level the Crowne Plaza Hotel along with the Forum and several other buildings, creating space for the new cinema and hotel.
Council Leader Samantha Dixon welcomed the lodging of the planning application.
"This application marks an important milestone in the development of a scheme that will revitalise the Northgate area of the city," she said.
"Northgate has the potential to mark a step change improvement in what Chester has to offer residents and visitors alike and will help create over 1000 new job opportunities."
David Lewis, MD of Rivington Land, the Council's appointed Development Manager, added: "We are at a point where we have sufficient confidence in the commercial market prospects of the Northgate Scheme to advise the Council to make this application for a major redevelopment of the city centre.
"We have worked hard with the Council and consultees to fine tune the detailed design of Chester Northgate to ensure the best possible fit with the city's needs and the demands of retailers and other commercial interests."
A decision will be made on the application by the planning committee in early autumn.
(LM)
