The 59,000m 2mixed-use scheme in the heart of the capital's theatreland includes plans for a 600-bed hotel and a 'wall of light' - a new glazed frontage overlooking Shaftesbury Avenue.
The planning application, which has just been submitted to Westminster Council, also includes ambitious proposals to rip out the existing triple-height internal atrium.
Describing the scheme, project design director Dan Burr, said: 'Introducing a varied and appropriate mix of uses is fundamental to restoring the Trocadero as a key destination in the heart of the West End.
'Our concept has been to take a quite introverted complex and give it a more extrovert presence, with the dramatic transformation taking place within and implied by the street level activity and animated facades.'
The project has been drawn up for London Trocadero Limited, a company set up by landowner Golfrate.