Placefirst put forward the proposals to Wolverhampton Council to transform the city's historic Canalside Quarter and build a total of 370 homes.
The scheme, from one of the UK's leading build-to-rent developers, will see brownfield land off Lower Horseley Fields in the city centre transformed.
And it will also see the historic canal-side location transformed – with a new promenade created, public open spaces, and the restoration of listed buildings.
David Mawson, chief executive for Placefirst, said: "With having delivered major regeneration schemes in the north of England, we’re really excited that our first proposed development in the Midlands will be transformational for such a prominent heritage location.
"The vision for this Canalside development is more than new build homes, as our focus is on opening up the canal for public use and creating a thriving community in the heart of the city centre.
"We’ve worked closely with the local council and engaged the local community to propose what we feel will be a stunning waterside residential scheme that will unearth the true potential of this historic brownfield site, close to Wolverhampton’s newly opened transport interchange."
The scheme, which will include the sensitive restoration of heritage canal-side properties, is designed by award-winning architecture practice jmarchitects.
Placefirst has worked collaboratively with Wolverhampton Council on the scheme and undertook an online public consultation ahead of submitting the plans.
Discussions have also taken place with the Canal and River Trust and West Midlands Combined Authority, with the scheme also creating new pedestrian access to the canal towpath.
Councillor Stephen Simkins, cabinet member for city economy, said: "These plans are aimed at delivering a major residential waterside scheme in our city centre.
"Regeneration of Canalside is a large and exciting opportunity that will require determined and skilful leadership by the council and partners to realise the opportunity.
"This planning application for a nationally significant development at this wonderful heritage location shows investment in Wolverhampton remains strong and that is critical to our recovery from Covid-19 and relighting our city."