Fresh Start Living has submitted a planning application to refurbish Vine House in Seaforth in Sefton, north Merseyside.
The 1960s tower block is adjacent to Seaforth and Litherland railway station and has remained derelict for over five years.
Fresh Start plans to provide a total of 58 two bedroom units ranging from 600 sq ft to 780 sq ft.
WrightChoice Developments, Fresh Start's in-house contractor, was confirmed as preferred developer in November 2009 after a competitive tender issued by Sefton Council.
A planning decision is expected in November, with start on site scheduled in January 2011 if given the go ahead. The refurbishment is likely to complete in November next year if successful.
Martin Ellerby, director of Fresh Start Living, said: "We are positive about the proposed refurbishment as this building has been vacant for some time. The housing market in the surrounding areas is strong and we will be contributing to the mix with truly affordable housing."
Fresh Start Living was set up to provide affordable private housing.