Medway Council is bidding for £72m from the National Lottery for a new cultural quarter on the banks of the River Medway and a city park in Gillingham.
The defences of Chatham Historic Dockyard could be restored
An "iconic landmark building", a sky cable car system and a 150ft 360-degree viewing platform with spectacular river views are included in the Medway bid.
In Gillingham, the Great Lines City Park project is designed to improve sports and leisure facilities.
Restoration of the Chatham Lines fortifications is also planned.
"The two bids can be seen as complementary but will work individually if one or the other is successful," said leader of Medway Council, Councillor Rodney Chambers.
"What is clear with both is that we want to invest in Gillingham and leave a lasting legacy that complements the existing regeneration taking place throughout Medway."
If the bid is successful, the new building in the Chatham Reach cultural quarter will have an auditorium and meeting and education areas.
There could also be improvements to the Brook Theatre, Central Theatre and St George's Centre in Chatham Maritime.
The project's total cost is estimated at £78.5m, including the £47m lottery bid.
In Gillingham, it is hoped the £36.6m Great Lines City Park project will receive £25m from the lottery.
The council expects to hear if the bids have been short-listed in May. Final decisions are expected in 2007.