Northern Trust has submitted plans to Chorley council for a £10m retail, residential and office scheme at the Carrington Centre, Eccleston.
The proposal is to revitalize the established retail centre by demolishing the existing mill, offices and shops and replacing them with brand new retail and office units, local grocery store and library.
Northern Trust said it wants to create a village feel with modern commercial facilities in a landscaped setting.
The rear of the site will be redeveloped with a separate access from the retail centre for new family homes including affordable homes for local people.
Mike Grindrod Director at Northern Trust said "We have been working hard to understand the requirements of our existing retail and office tenants in the centre both during construction and in the new development. We are delighted that it will be possible to accommodate them and ensure these essential village services are not lost. Our tenants are pleased with the progress made and are excited about the future."
A Planning Performance Agreement has been signed with the council and the outline application is expected to be determined before the end of the summer.