Under the proposals, the existing 1960s office building at Sutton Court Road would be extended to reach 22 storeys in height and two new tower blocks of 11 and 20 storeys respectively would be constructed.
The three buildings would comprise a total of 332 new flats, including 36 affordable homes, as well as 1,978 square metres of space for shops and restaurants, 2,450 sq m of office space, a 139 bedroom hotel and a health club.
CNM purchased the site at the end of 2011. It held public consultations on its proposals for the scheme last summer and earlier this year.
"The proposed development of the site would encourage the regeneration of the surrounding area and provide a significant number of new residential units, including an element of affordable housing in a mixed-use development," said CNM according to local reports.
"The extra life, range of active frontages and vitality the future residents will bring to the area will contribute to the town centre as a whole," it said.
Subject to gaining planning consent, work on the scheme is expected to be completed in 2015.