Developer Opus North has lodged plans for the £17m redevelopment of Morecambe's 7.6-acre former Frontierland site.
The proposals include 120,000 sq ft of retail space, 15,000 sq ft for restaurants, pubs and cafes, a 62-bedroom hotel and 336 car parking spaces.
Opus North, which is backed by Palmer Capital, first announced plans to redevelop the site in November 2013. The plans have been submitted to Lancaster City Council for the scheme through its agent Peacock & Smith.
In total, Opus North said it expected to create between 674 and 694 new jobs in the resort. The site is owned by supermarket chain Morrison's, which is partnering with Opus on the development.
All that remains of the former theme park is the Ranch House pub and the Polo tower which is used as a telecommunications mast.
A spokesman for Opus North said: "We have been overwhelmed by the amount of support that Morecambe residents have given our proposals during the consultation process. It is clear to us that there is an appetite amongst local residents and businesses for a new addition to the promenade that will add to what the town already has to offer.
"The Bay Shopping Park will offer choice and convenience for local residents and encourage visitors to stay longer in Morecambe – boosting the town's economy."
In the planning documents, the agent said: "The proposed development will result in a number of significant benefits, which include bringing back into active use a prominent vacant site on Morecambe's promenade which detracts from the character and appearance of the locality, a £17m investment in Morecambe, which is considered will improve investor confidence in the locality and encourage further investment and provide between 674 and 694 jobs."