Plans for an £88million development to transform Campbell Park will feature a 100 berth marina and more than 300 new homes.
The 15-acre canalside site will also have a local convenience store, a café, a restaurant, a nursery and a pub - with long-term plans for the marina to form the start of the proposed Bedford/Milton Keynes canal link.
It has taken 12 months for architects with “an in-depth knowledge of the city and its aspirations” to help create the proposals, which developers say is for “one of the most important sites in MK”.
If given the go ahead during consultation, work could start as quickly as next year.
The plans have been drawn up by MK Development Partnership which was set up as a strategic adviser to the council to implement its vision for the city’s growth.
Chief executive Charles Macdonald, said: “We are incredibly excited by developer Crest Nicholson’s proposals for the site and the positive impact this development will have on Campbell Park, the surrounding area and Milton Keynes as a whole.
“While a lot of detailed design work needs to be undertaken, the commitment from Crest to deliver a wide range of facilities early in the scheme’s construction will set the tone for the development to follow.
“This process wouldn’t have been possible without the input of many interested, local parties and we are grateful for their time and their valuable opinions.”
The concepts and ideas recommended by architects were reviewed by a wide range of stakeholder groups during the initial consultation and these concepts designs were incorporated into the marketing information for the site that was made available to developers and investors.
A design review assessment panel was established which included the local Town and Parish Councils and ward councillors and MKDP officers recommended Crest Nicholson Regeneration as the preferred partner.
The final decision was taken by the MKDP Board.
Peter Cusdin Crest Nicholson Regeneration’s development director said: “We are extremely pleased to have been chosen to work on this prestigious and exciting project that will help to transform the centre of this iconic city.
“We are keen to share our initial proposals which we expect will evolve through a more detailed public consultation process.
“We look forward to delivering an exemplar scheme for the people who live or work in Milton Keynes.”