If given the go-ahead the proposals for the 22.4ha Kirkstall Forge site would create 16,500m 2of office space, 1,385 residential units and a riverside hotel.
As well as decontaminating the land, the project includes plans to retain some of the industrial archaeology, such as the listed worker's cottages, and reopen the historic Mill Race through the development.
Nearly 60 per cent of the site has been earmarked as green space, including woodland walks and bicycle routes, and there are also proposals for small shops, bars, cafés, restaurants and a crêche.
Bought by the developer Commercial Estates Group (CEG) after the site was abandoned in 2003, the area was once home to one of the country's largest axle factory and was first used as a forge nearly 400 years ago.
CEG's development director Jonathan Kenny said: 'We feel that the development proposals that we have submitted will turn Kirkstall Forge into a vibrant working and living community with opportunity for recreation and leisure.
'This is a site of great local and historical significance and we believe the plans for regeneration create a balance between its rich and exciting future,' he added.