Manchester-based conservation developer, the PJ Livesey Group, has submitted plans to Cheshire West & Chester Council to restore and convert Mostyn House School at Parkgate.
The plans will bring back into use a site on The Parade overlooking the River Dee, which has been in the Grenfell family since 1863 but has been empty since closing as a school in 2010.
Under the proposal, the grade 2-listed buildings would be converted to residential use with a development of new homes built in the grounds.
In total the plans would provide 92 properties.
Georgina Livesey, director at PJ Livesey, said: "Mostyn House is a very special building in a unique setting and we have been in discussion with the local community and Cheshire West & Chester Council for some time about the best way to save this landmark.
"It is a complex site with many parts in a very poor and deteriorating structural condition and the new build housing is integral to making its rescue viable.
"We have vast experience in converting historic buildings like this and are confident that, granted the necessary approval, Mostyn House will once again play a vibrant and central role in Parkgate."
The redevelopment plans would also secure the future of the chapel at the centre of the site by providing a fund for on-going upkeep.
If planning permission is granted, work on the project will begin this summer.