Brian Scowcroft's Alard Properties has submitted an outline planning application to transform 25 acres of industrial land close to Leigh town centre into a commercial, residential and leisure development.
If delivered, the Leigh scheme, to be called Bridgewater Place, would include 100,000 sq ft of offices, 7,000 sq ft of retail, 320 residential units and landscaped public open space.
Scowcroft made his fortune from the sale of the family business, Swinton Insurance, for £130m in 1998. He has since acquired and expanded major business parks in Wrexham and Carlisle.
Gary Halman, partner at HOW Planning, adviser to Alard, said: "The planning application for the site makes it a very attractive proposition which will significantly contribute to the ongoing regeneration of the area."
Tony Goddard, Alard's chief executive, said: "We have long felt that this area of town could do with a face lift. It is a very central location, which through time has become an eyesore at odds with the surrounding residential areas. We believe it could be turned into something really special.
"Since buying the site, we have also been keen to support Christchurch C of E School, which is located at the entrance of the site, to find a new location to build a brand new facility and have offered both financial and professional help to achieve this."