The building, which was formerly the Rushcliffe Borough Council’s Civic Centre, could be turned into 134 apartments, with developers aiming to attract high-profile tenants such as footballers and cricketers to the top-end flats.
The development will also include a new restaurant, while the Southbank Bar, which is underneath the building, will receive a new frontage.
The plans have now been submitted to Rushcliffe Borough Council, which sold the building to developers earlier in the year.
If approved, work on the site is expected to start in the New Year. The apartments would then be available to buy from the summer of next year, and to move in to from Easter 2019, when work on the site is predicted to finish.
Development firm Monk Estates has said it is excited about the scheme, which it says will offer some of the best views in Nottingham.
Spokesman Charles Fish said: “At the beginning of the year the council put the building on the open market and we bought it.
“We have done some estimation of the costs for now, and the local authority have been very supportive of us.
“If it was a totally new building, we think the project would cost about £16 or £17 million, but because three quarters of the shell is already there, we think it will be about £13 million.”
Mr Fish said after the Grenfell Tower disaster, the firm had made the decision to install sprinklers throughout the building ‘as a matter of principle’, and that while the building would otherwise have conformed to fire standards, they were now keen to install the sprinklers as an additional measure.
He continued: “About half will be rented out, and half will be for sale, so I think the ones on the top floors, they will be at the higher end. We may get some footballers in there, maybe some cricket players and other professionals. Because there are one, two and three-bedroom apartments there will be quite a range of people who want to live there.”
The building itself was used by the borough council as offices until last December, when it was bought by developers for £6.95 million.
West Bridgford resident Lorna James, 35, said: “It’s got the potential to be a really nice building, and at the moment it sticks out a bit because it’s a shabby building in a really nice area.
“With a bit of work it will look really good I reckon. The views from the top will be amazing – a rooftop bar would do really well there.”
Graham James, 38, also from West Bridgford, said: “I think it will be good for the whole area to be honest, it ticks all the boxes – we need more houses as a country, we need more investment in the area, and it’s good for the council to make some money from selling the building as well.
“There’ll always be people who complain about it because some people don’t like changes, especially not ‘in their back yard’ but I think it’s a good thing - and yeah, a rooftop bar is an awesome idea.”
Meadows resident Elizabeth Fry, 26, said: “I think it's great that a neglected building right by the river and so close to West Bridgford is being turned into flats.
“There is such a need for housing in this area and it seems such a shame for it to be sat half-empty when it could be home for so many people.
“I hope there's going to be affordable housing as part of the flats as well.
“The Meadows and the Trent is a beautiful area and the more that developers do to improve it, the better.”