Muse Developments has submitted a planning application to Aberdeen City Council in Scotland, UK, for the development of Marischal Square.
Marischal Square, which is funded by Aviva Investors, sits on the former council headquarters building St. Nicholas House.
Aberdeen City Council chief executive Valerie Watts said the £107m project has reached a significant milestone with the submission of the planning application.
The plan includes the construction of a mixed-use commercial and civic space, greater prominence for the 469-year old Skene's House and full pedestrianisation of a section of Broad Street.
The project also includes construction of 175,000ft² of offices with car parking, a 125-bed four-star hotel, retail, cafes, restaurants and civic spaces, along with public access, landscaping and public realm improvements around the site.
Muse Developments Scotland regional director Steve Turner said the project would create 300 construction jobs during the construction phase and would have the potential to support or create 1,500 jobs in the area when it is fully occupied.
"This is obviously an important stage for the project and we are delighted to be in a position to submit a planning application which we believe has the potential to make a long-term positive impact on the economy in Aberdeen," Turner added.
Aviva Investors REaLM Funds head Julian Taylor said, "We believe Aberdeen's position as one of the key business locations in the UK will be further enhanced by the Marischal Square project and the mix of commercial and civic space has the potential to attract some very big business names to that area of the city."
The site is expected to be handed over to Muse for construction later in 2014, and construction is expected to be completed in 2017.