The aim is to convert Bond Street car park and the area opposite the Belgrade Theatre into a "leisure and living complex" comprising two hotels, bars, restaurants, a casino, shops, offices and a health and fitness club as well as 310 apartments.

The proposal includes a 228-bedroom hotel and a smaller 150-bedroom budget hotel, a health club and a casino. Underground car parking will be provided and Leigh Mills car park will also be extended to give a total of 546 carparking spaces.

Coventry city centre was largely flattened during bombing raids in the Second World War but most of the reconstruction was in 1960s-style concrete architecture much of which has not kept well. Now the council is pressing ahead with regeneration projects and Oakmoor is already involved in the redevelopment of the post office in Hertford Street into flats and a bar-restaurant.

Cllr Dave Batten, on the Bond Street scheme, said: "This wonderful looking and exciting scheme will fully integrate with the planned extension to the Belgrade and will also provide a pedestrian friendly-style plaza between the development and theatre." He added: "City living is certainly in vogue and the development will provide not only great living space but also leisure, retail and fitness facilities that will attract new people to live in the city centre, while at the same time providing a new area for shoppers and visitors to enjoy."

The developer will work with local partner Deeley Properties and SR Davis Architects will be the architects. Shortland Horne and Wright Silverwood have been appointed agents on the scheme.