The centrepiece of the proposals, which have just been submitted to Medway Council, will be a slender, 12-storey tower on Foundry Wharf at the river bend.
The 1.2ha development will create 217 flats, varying in size from one- to three-bedroom apartments, as well as providing 3,600m 2of commercial space.
There are also plans to refurbish a number of important historic buildings on the plot, including grade II-listed Georgian houses and 'elegant' warehouses along Hulkes Lane.
Having identified a potential flood risk, the London-based practice proposes to build all the accommodation above a '200-year flood-risk line' and construct a 5m-wide river wall with a pedestrian link.
A spokesman for the practice said: 'The scheme is an ambitious and imaginative comprehensive urban-design solution to a derelict and dying part of the Medway, that will provide a catalyst for [others] and be of such significance to provide encouragement for the investment and sustainable growth to the local economy.'