If it goes ahead the area on Dove Lane would be cleared and a mixture of houses, flats, nightclubs, bars, cafes, parks and a hotel built.
Stephen Williams said "I would welcome any potential new development in St Paul's as it does act as a vote of confidence in the area. I hope that any development will have a balanced community use for people in the area. And I do hope that the developers will soon be able to provide us with more details about their plans."
Local Lib Dem Councillor for the ward, Jon Rogers, said "The people and businesses of St Paul's have been trying their best to develop Dove Lane and the surrounding area for some time. While I welcome the prospect of investment we hope there will be a strong community input to the plans."
Two exhibitions are planned: one at the St Paul's Learning and Family Centre from 10am till 8pm on Friday 23rd February and the other at the Circomedia Circus School at St Paul's Church in Portland Square, from 10am till 4.30pm on Saturday February 24th.