Proposals for the Coney Street Riverside scheme include the creation of 250,000 sq ft of mixed-use retail, leisure, commercial, and residential space and a riverside walkway.
The developer aims to repurpose previously underutilised vacant upper floors for residential and commercial use, and new build elements providing additional student accommodation.
Plans have gone out to public consultation ahead of the submission of a formal planning application in the autumn.
Max Reeves, development director at Helmsley Group, said: “Our Coney Street Riverside plans are the culmination of a strategic programme of site assembly over the last three years.
“We’re now ready to share our vision to sustainably redevelop this historic thoroughfare into the social heart of York, creating new public realm for the city while ensuring that the history and heritage of the area is not just recognised, but honoured and protected.”