Proposals to build 380 new affordable homes just off Church Street have been lodged.
Onward has been eyeing up the former Horrocks Mill site and consulting on its proposals.
The homes will be spread across new apartment blocks on the site which is between Queen Street and Church Street.
Read more: A nostalgic journey around the former Horrocks Yard in Preston
The site is listed as a key part of the regeneration of the Stoneygate Masterplan which aims to breathe new life into the area around Church Street in Preston city centre.
Executive director for property at Onward, Sandy Livingstone, said: “Our plans for Horrocks Mill present an enormous opportunity to transform a derelict brownfield site into a place that local people can call home. Horrocks Mill is an ideal location to provide new homes, benefitting from excellent connections to the city centre.
“The redevelopment of the site supports our wider vision to deliver a transformative regeneration programme in one of our great northern cities. Local knowledge is invaluable to us and we would like to thank everyone that took the time to share their views with us during the consultation. We will continue to engage with our local partners now that the plans have been submitted.”
A public consultation was held until late June for comments about the Horrocks Mill plans, and a public exhibition of the plans was held on Saturday 17 June.
Read more: First stage of Stoneygate redevelopment approved with Dryden Mill
Group surveyor for the Brookhouse Group, Ben Scandrett, said: Brookhouse Group are delighted to be working with Onward Homes to help deliver one of the most significant residential-led regeneration schemes in Preston City Centre.
“The scheme fully aligns with our principles of delivering high quality development and will breathe new life and purpose into an underutilised site whilst complementing our neighbouring shopping park. We very much hope to build on this partnership with new Local Authorities and Registered Providers throughout the North West region.”
Onward currently manages three tower blocks in Queen Street and is progressing plans to demolish these independently of the Horrocks Mill proposals.
Read more: See the latest Preston news and headlines