Backed by developer Stayton Dewsbury, the scheme will spread across four large sites, covering a total of three hectares in the centre of the town.
A range of mixed-use buildings and public spaces is proposed to be built around this central retail space, including an 'ideas store' to re-house and upgrade the public library facilities.
Describing the design drivers behind the scheme, a spokeswoman from DLA said: '[Our] initial concepts - aim to organise the town centre into identifiable 'quarters' and introduce a more vibrant mix of uses to support commuter living and working.
'A key architectural goal has been the retention of some of the town's fine Victorian buildings constructed during its industrial heyday.'
The practice hopes to submit the scheme for planning later in the year.