A scheme to develop part of the St Paul's area in Bristol could see a 40-storey tower block built by junction three of the M32.
The consortium hopes to generate 1,000 jobs as part of the plans
The 600ft (183m) building, similar in height to the BT Tower in London, is a feature of one of three options.
The Black Development Agency (BDA) said it was not against redevelopment but urged the council to take care.
"We need to make sure it's people as well as developers who benefit from this redevelopment," a spokesman said.
Six thousand homes
BDA spokesman Marvin Rees added: "When a redevelopment happens it brings a bubble of wealth with it. The challenge is how do we make sure the bulk of the wealth goes into the hands of the poorest people."
Details of the three redevelopment proposals are due to be sent to more than 6,000 homes and businesses in the area.
Plans will also be shown at two exhibitions in the St Paul's area.
The options reflect the views obtained during public consultations by Bristol City Council, the community and a consortium of developers over the past 18 months.
Developers PG Enterprises and property management group, Places for People, said their vision for the Dove Lane project was one of residential, retail and employment use.
The consortium also hopes to generate 1,000 jobs and create 700 homes as part of the plans.
Shops, a day nursery, a community hall, an outdoor performance area, an open-air market and possibly a 100-bedroom hotel are all some of the ideas proposed for the development.
The consortium promises further consultation in the coming months before the preferred option is submitted to the council's planning department in 2008.