The development, which would include 63,500 square metres of employment space and 8,500 square metres of retail space, is proposed for Wintringham Park, to the east of the market town of St Neots.
The outline application, by a consortium including the University of Oxford and housebuilder Connolly Homes, also includes proposals for a new district centre with shops, health and community facilities, plus two primary schools and open space.
If approved by Huntingdonshire District Council, the developer has also promised to improve the local bus service, pedestrian and cycle routes and upgrade the roads.
Stacey Rawlings, a partner at consultancy Bidwells, which drew up the application on behalf of the developers said: "There will be plenty of open space and play areas with pedestrian and cycle routes throughout making this a great place for families to make their home.
"The local area will benefit from the employment opportunities the development will bring as well as the jobs generated from the construction itself."
Bidwells said the site was first identified for development in 2009, since when there has been "extensive consultation" with both the council and residents to draw up the application.
Huntingdonshire District Council’s St Neots Eastern Expansion Urban Design Framework, adopted in February 2011, identifies about 227 hectares of greenfield land to the east of St Neots for development, envisaging up to 3,500 new homes and 25 hectares of employment land.
If permission is granted, Bidwells said that development should start in 2014.