Peel has submitted a planning application for the first major mixed-use phase of its ambitious £4.5bn Wirral Waters scheme.
Northbank East would feature 1,700 residential units, a foodstore, offices with retail and leisure amenities if delivered.
Peel said the scheme would appeal to "all sectors of the housing market and provide a choice from family housing with access to rooftop gardens as well as apartments."
The development site is between the converted Corn Warehouses and the Hydraulic Tower and falls within the East Float section of the 1.6m sq ft Wirral Waters, where the U-534 submarine, now located at Woodside, was formerly on display.
Peel said the designs were based on overseas success stories such as Hafen City in Hamburg, Malmo in Sweden and Vancouver, Canada.
The developer has already won planning consent to convert the Hydraulic Tower into a hotel and restaurant.
Lindsey Ashworth, director of Peel Developments, said: "This is an important milestone in the life of Wirral Waters. It's the start of a very long journey that will take many decades to complete. It's the start of a new and prosperous era for what is currently an area with real problems. We are very proud to be a part of this process".
Peel continues to discuss its equally ambitious plans for the north docks across the Mersey, in its Liverpool Waters masterplan, with Liverpool City Council.
Broadway Malyan is the masterplan architect for Wirrals Waters. Sheppard Robson designed Northbank East.