The plans should see the site becoming energy self-sufficient
Bosses at the Royal Bath and West Showground plan a £120m investment over more than a decade that would see 1,500 jobs created, they claim.
The development of the site at Shepton Mallet would include an exhibition and conference centre, new hotels and a cycle trail and bridleway.
A spokesman said the scheme would provide "a massive, ongoing boost to the local and regional economy".
If granted permission, the plans would take 12 to 15 years to complete.
Dr Jane Guise, Chief Executive of the Royal Bath & West of England Society, added: "We want to transform the showground and create a vibrant, high-quality events venue of a national standard.
"We believe our plans will achieve this and ensure long-term financial stability, raising the investment needed to fund the redevelopment and create a solid and growing revenue stream to safeguard the future.
"We hope to make significant progress with the major tourist and business elements before the end of 2012."
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