Developers The Heaton Group are planning another high-rise scheme for the city.
Land in Pole Street off Ringway and Church Street is being eyed up for an £18million investment.
A new 15-storey building would tower over the Ringway and include 176 new apartments.
What’s was due to be known as Bhailok Court, would see an empty two-storey building in Pole Street demolished as part of the plans.
The building has been subjected to anti-social behaviour and arson in recent months, with a 17-year-old boy stabbed in April in Carlisle Street close by.
The area is included within the recently announced Stoneygate Masterplan, which aims to accelerate development in and around Church Street.
Read more: How the Stoneygate Masterplan took shape and what the author thinks
Proposals from The Heaton Group would see a mix of heights within the development ranging from six stories high to 15-storeys at its peak.
There would be 109 one-bedroom apartments and 67 two-bedroom apartments.
Along the ground floor facing into Pole Street would be a commercial unit.
John Heaton told Blog Preston: “Following the success of our previous developments in Preston by The Heaton Group, namely The Sorting Office and Station Terrace, Cannon Street, we have submitted detailed plans for a high-end development, city centre living apartments to satisfy increasing demand for our developments throughout the northwest.
“This exciting new development, name unconfirmed as yet, is in the heart of the Stoneygate Masterplan zone and our hope is this will act as a catalyst for further investment in the Stoneygate area and Preston as a whole.
“This investment by the Heaton Group of over £18m, will once again create job opportunities in Preston.”
He confirmed the proposed name of Bhailok Court had now been dropped.
Read more: See what Pole Street used to look like in the 60s and 70s
The Heaton Group is already working on two schemes in the city, with the former Red Rose House and Elizabeth House office blocks in Lancaster Road due to become 130 flats.
And work is continuing on the former sorting office in West Cliff to convert it into luxury apartments.
Read more: How Preston’s tallest residential building Lofthaus is due to look