More from: Tim Heatley: 'Every site will have its day'
Backed by developer Urban Splash, the scheme will overhaul the famous 1938 Art Deco landmark, which sits next to the controversial Edge Lane regeneration project.
The long-awaited proposals - Urban Splash was appointed back in 2005 - also include a landscaped plaza, parkland and a new glass structure to sit on top of the building's much-loved clock tower.
The project is being overseen by the Liverpool Land Development Company (LLDC) as part of its wider plans to revamp the eastern fringe of the city.
LLDC's chief executive Ian Hassall said: 'The submission of this application is a result of a lot of hard work and commitment by LLDC and its development partner Urban Splash. The building has a fascinating history and deserves a new lease of life, creating new residential space and employment opportunities.'
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