At more than 99m-tall, the scheme, for developer Imperial Property, will comprise 237 rooms, three penthouse suites, a coffee shop, bar, restaurant and conference facilities.
The scheme is close to Reading's railway station, and will act as a gateway to the town.
Project architect James Cook, from the firm's Reading office, said: 'The mix of uses, active frontage and public art [in collaboration with Softroom] at the lower floors will enhance the public realm. From which the vertical fenestration will draw the eye up the building and link the human scale with city scale, increasing the legibility of the town.'
The scheme is expected to be submitted for planning around Christmas.
Local campaigners including Martin Salter MP, Labour member for Reading West, are opposing Broadway Malyan's plans to develop a pumping centre site in west Reading for Thames Water. The campaigners told the Reading Evening Post that the plans for more than 100 homes would see habitat for badgers, deer and newts concreted over.