The project, for Cathedral Group, aims to transform the city's former municipal market in the Tarner area, to create 174 new homes and offices and develop a series of new retail outlets and community buildings.
McAslan, which is working with Arup on the project, claims that the mix of 'complementary and contrasting building types' are all sustained within a highly flexible low-energy environment.
These new buildings, which include a 12-storey residential tower, will be serviced by centralised combined heat and power plant, waste management and recycling facilities.
All residential accommodation is designed to be car-free, because of good public-transport links to the city centre and surrounding districts.
Council leader Simon Burgess said: 'This will be a landmark development featuring top-quality design. It will be of huge benefit in terms of bringing jobs and much-needed homes.
'We'll go on working closely with people in the Tarner area and this plan should make a real difference to the quality of residents' lives,' he added.
McAslan, who is also working with housing group Rafferty, said the scheme will go on site in 2007.