Midsummer Axis is intended to sit between the city's theatre district and Campbell Park, on a new public plaza.
'Milton Keynes desperately needs a major vertical feature,' said David Coles. 'The helical structure of the landmark is intended to represent the evolution and aspirations of our great city.'
The architect is currently in negotiations with potential partners to move the project forward.
The landmark has been shortlisted in the MK Creates competition - which champions local creative talent - and will be exhibited in the city in due course.