A planning application has been lodged with the London Borough of Hackney for the mixed-use regeneration project.
The scheme is to include a courtyard surrounded by studio workshops, restaurants, café, shops and residential units.
The proposal will retain an existing Art Deco building and add a new residential tower, and according to the architect will be a 'key milestone in the transformation of this part of the city'.
A spokesperson for Farrell and Partners said: 'The building has been conceived as an elegant landmark, which will contribute positively to the streetscape by providing new frontages and a vibrant public space.
'This groundbreaking mixed-use proposal will provide high-quality private and affordable housing and facilities for the locality.'