Blueprint lodged proposals for the first phase of the development on Bold Lane with Derby City Council.
The site is identified for a priority project in the Derby Cityscape masterplan. It will feature more than 8,000m2 of shops, cafe bars and 24 apartments with eco-friendly roof gardens.
The scheme, designed by architects Ash Sakula, will also include a public open space. Derby Cityscape chief executive John Cadwallader said it would be "an important catalyst in regenerating this historic quarter".