Detailed designs have been submitted for the development of the East Wharf at Watchet.
Building work could start on the wharf in spring 2008
The application will see the area transformed with flats, a bistro, shops and a community space.
In addition there will be enhanced facilities for the marina, including offices, a laundry and changing rooms.
The design - which will be exhibited publicly over the next few weeks - has been worked up in partnership with West Somerset Council.
"This is a major step forward in our drive to regenerate Watchet," said West Somerset Council Project Manager Adrian Dyer.
"The development provides facilities that will directly benefit local residents as well as attracting more visitors to the town, which can only be good for the local economy."
The scheme will be considered by the planning authority over the coming weeks and a decision is expected shortly afterwards.
If approved, construction work could start on site in spring 2008.