The plans will redevelop the Templars Square shopping centre in Cowley as well as deliver significant improvements to its surroundings.
The application includes the addition of a new hotel, new restaurant units, an improved streetscape and pedestrian routes, upgraded modern car parking and new feature entrances.
In addition, 200 new apartments will be built on a nearby brownfield site to address the shortage of 'affordable' housing in Oxford.
Overall, the scheme is set to create 300 construction jobs along with 57 new roles upon completion.
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NewRiver worked closely with Oxford City Council and the Oxford Design Review Panel (ODRP) before submitting the planning application.
Allan Lockhart, Property Director of NewRiver, said: "We are delighted to have submitted the planning application following extensive work by our team and advisors, and collaboration with the Council. This milestone marks a real step-change for Cowley and is long-overdue.
"The case for regeneration is absolutely clear and this is an excellent opportunity to reinvigorate the heart of the town centre with high quality and modern, yet sensitively designed, development that will be a source of real pride locally – not just for our large number of loyal shoppers but for the wider local community."
Templars Square Centre manager, Owen Acland, added: "The vision for Templars Square is hugely exciting because it preserves what people like most – the mix of shops, the community feel, the welcoming atmosphere – while introducing the modernisation and step-change in quality that only substantial new investment can bring."
Details of the plans, which were drawn up via two public consultation events, will go on display at an informational drop-in session towards the end of January.
(LM/CD)
