Around £9 million could be spent creating new workspaces for businesses that want to relocate to Leicester as well as creative agencies and start-ups.
Leicester City Council wants to redevelop a former factory building to create the new city centre office space.
It wants to transform five separate but inter-connected buildings which make up Pilot House, in King Street, with the possibility of adding shop units on the ground floor.
The local authority-owned building currently houses the council’s post room, and a small number of organisations that the council said it will help relocate.
The area has seen some investment in recent years following the demolition of the council’s old New Walk headquarters and construction of new flats and a head office for Leicester-based wealth management company Mattioli Woods.
The city end of King Street has also been pedestrianised.
Under the council plans, Pilot House would be “sensitively transformed” to provide a central courtyard and atrium for shared use, a business zone for technical and digital businesses, and a co-working lounge.
Existing industrial features including parquet flooring and exposed brick and beams would be retained, and a new entrance into the courtyard would be created from King Street.
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Leicester City Mayor Sir Peter Soulsby said: “Pilot House offers huge potential to provide much-needed, high quality office space in a very attractive part of the city.
“The investment we have already made in this area has brought in hundreds of jobs thanks to the relocation of Mattioli Woods.
“By redeveloping Pilot House we will be able to bring in hundreds more, and to cement the reputation of this area and the city as a fantastic place to do business.
“We would also expect to make an excellent return on our investment which will generate rental income for many years to come from what is currently a vastly under-used property.”
The council has submitted a planning application for the first stage of the redevelopment of the building.
It said further submissions will be made over next year.
If approved, the council will be seeking opportunities for external funding for the project.
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The cost of the whole project will be subject to a procurement exercise but could be in the region of £9 million.
A council spokesman said subject to planning permission and funding being obtained, it is hoped that work will begin in the spring of 2021.