The development, unveiled late last week, would include a 51-storey, 157m-tall glass skyscraper - the tallest building in the north-east of England.
The buildings would include 650 luxury residential apartments, 100 serviced apartments, 10,000m 2of prime office accommodation, a winter garden and substantial leisure and retail space around a central piazza.
The project is being developed by joint venture partners KW Linfoot and Scarborough Development Group and would be located between Wellington Street and Whitehall Road, close to the city's railway station.
KW Linfoot development director Richard Dean, said: 'Our design approach has very much focused on providing a remarkable landmark that the city and its residents can be proud of.
'There is a continuing demand for city-centre living but we have been careful to ensure a balance for a mix of uses that promises to deliver a sustainable environment.'
The development will be submitted for detailed planning in December, and was recently presented to Leeds City Council's planning department. Construction could begin in summer 2006 with completion anticipated for 2009.