The £5 million project could see a restaurant, cafe, 14 luxury apartments and offices built at the site at Pier Street on former tennis courts.
The building will incorporate the latest green technology with high levels of insulation and many sustainable features.
It will house a biomass boiler in a centralised boiler room with heat metering to the apartments and commercial tenants.
It will also utilise solar-thermal heating for the hot water demand thus reducing the buildings energy demands.
The scheme, from The Architects Design Group, is due to go before the Plymouth City Council planning committee in June.