Working in collaboration with Dublin-based architects O'Mahony Pike, the scheme will involve overhauling the existing, abandoned harbour, upgrading the sea defences and building a new marina with residential and commercial units.
The project will require major engineering work to reclaim land in the Irish Sea and the proposals include 'integrated measures' to protect the development against possible sea-level rises.
Greystones' population is forecast to rise significantly during the next 10 years and, according to a statement by Broadway Malyan, the new development 'will provide a unique leisure destination for Ireland and the local community' as well as creating a mix of housing.
It is understood the proposed marina will become the first privately owned and operated facility of its kind in Ireland.
The scheme is being backed by Sispar consortium, a joint venture between contractor John Sisk and Sons and developer Park Developments, which was named as the preferred bidder after winning an architect and developer led competition.