Property firm Gold & Amber wants to create a total of 350 apartments on two sites at Shannon Street, near Quarry Hill.
The apartments would be spread across two buildings, one of them a 20-storey tower that is intended to act as a "prominent landmark" within the York Road gateway to the heart of Leeds.
Designed by Leeds-based Brewster Bye Architects, the buildings would also boast ground-floor commercial space and a gym for residents.
The land earmarked for the development is currently home to a car park and a number of low-level commercial premises.
Going further back, it was formerly occupied by the old Shannon Street Mills textile factory and the Woodpecker pub.
An application for planning permission for the new scheme has been submitted to Leeds City Council.
Gold & Amber is already involved in some of the other developments taking shape in the area around Quarry Hill, including one called Leeds City Village.
Announced earlier this year, it will provide more than 1,000 new homes at the former Marsh Lane goods yard.
Sophie Brown, from Gold & Amber, said: “It’s a really exciting time for this part of Leeds city centre and the regeneration of the surrounding Quarry Hill area, with major investment under way including the redevelopment of Leeds City College and the refurbishment of Leeds Playhouse.
“The city centre’s residential population is growing at pace and the area around Shannon Street and Marsh Lane, which is just a short walk from the likes of Victoria Leeds and Kirkgate Market, will provide high-quality homes for many people keen to live in central Leeds."
Chris Austin, managing director at Brewster Bye Architects, added: “Shannon Street and Marsh Lane is an exciting area of regeneration and growth, which will drive the city centre’s expansion eastwards, as well as better connecting the city to existing surrounding communities.
"We’ve designed this latest development to gradually step from east to west towards the city centre, starting with a 20 storey 'tower' element which will be the pinnacle of the scheme and a prominent landmark for anyone travelling into Leeds on York Road.
“The proposed design is heavily influenced by the site’s historic heritage, with the mix of traditional and contemporary use of red brick and large warehouse style windows.
"Another key element is the active ground floor of cafes and communal facilities and their interaction with high-quality landscaped areas.”