McLaren Living intends to submit a planning request to the Reading City Council in the coming weeks for its downtown project.
The proposals to redevelop the southern part of the 4.6-acre site include approximately 600 build-to-rent flats and 15,000 sq ft of commercial, retail and leisure space.
The residential buildings will be south of the Broad Street Mall, charting the path along Düsseldorf Way and fitting into the wider Minster Quarter masterplan.
Oliver Westray, Chief Development Officer at McLaren Living, said: “We are incredibly pleased to collaborate with AEW to create a revitalised mixed-use neighbourhood in Reading city centre.
“Our plans for Broad Street Mall will include a shopping center upgrade, as well as redevelopment plans that will provide much-needed new rental housing, as well as advertising, commercial and recreational space, creating a renewed advertising and residential destination for the city.
“We look forward to running in partnership with the City of Reading to advance this transformation of the Broad Street Mall. “