AN ESTIMATED 150 jobs would be created by a proposed development at Folly Reach, on the banks of the Medina, at Whippingham.
The planning application reveals 14 business units will be provided on the site, in addition to 99 homes and a luxury hotel.
The application has been submitted by Colonnade (IW) Ltd after wide consultation to shape the proposals.
Colonnade says the scheme will regenerate the redundant Saro employment site.
It features a four-star 64-bed hotel, new jetty and a shop and cafe for residents and visitors.
The hotel will have swimming pools, a fitness centre, spa and gym and there will be direct access to the hotel from the jetty. The developers also want to create a water bird island habitat and "zone of tranquility" for estuary wildlife.
Colonnade’s Alastair Watson said: "The regeneration of the site as a high-quality tourism destination will be enabled by the accompanying development of 99 homes in a mixture of types and styles for sale on the open market. There will also be 14 business units."
A new link road and footpath from Beatrice Avenue into the site and highway improvements to the existing Folly Lane will be undertaken.
The public have three weeks to comment on the application.
If planning permission is granted, tenders would be issued by the end of this year.
The development would take place in phases and take between two to four years to complete.