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The Co-op will submit a planning application today for its latest proposed scheme at Leale's Yard.
The scheme includes more than 300 homes, a new Co-op food store, other retail space, a multi-storey car park for more than 300 vehicles and various civic and green areas.
The Channel Islands' retailer hopes to secure planning permission this year and open the new food store and the first homes on the site within the following three years.
It anticipates completing all development work within five years of planning approval.
It is estimated that the proposed scheme would require £50million of private sector investment during construction and spending of £150million on local facilities management services after construction.
Pictured: This image, released by the Co-op today, clearly shows the size and location of Leale's Yard behind the shops along the Bridge seafront.
The Co-op plans to deliver the scheme alongside various development partners, including local construction firm Rihoy & Son and experienced property developer Charles McHugh.
Leale's Yard comprises 13 acres of undeveloped land behind the shops on the Bridge seafront. It has been the subject of several development plans and planning applications over many years.
The Co-op said its latest proposed scheme would involve "significant financial investment" and "provide an economically viable and sustainable solution for the development of the site, which accords with the Island Development Plan and the Development Framework for the site" and have "wider social and environmental benefits".
Pictured: The States want to enhance The Bridge as part of their plans for the island's east coast and the Co-op believes its latest scheme for Leale's Yard will support this aim.
The number of new homes on the site would be equivalent to more than 1% of the island's existing housing stock.
The Co-op said this would "help to address the present housing crisis in Guernsey".
It would be the first residential development in the island to make use of modular homes. They would be built in a factory in the UK and transported to Leale's Yard to be erected in sections. At its highest point, the residential part of the development would have six storeys.
The proposed development also includes new access roads, cycle paths, flood defences and services. The Co-op said its vision for the site would "complement the States' plans for the St Sampson's harbour area".
Pictured: Mark Cox, the Co-op's Chief Executive, hopes to have spades in the ground in the next 12 months, if the States' Development & Planning Authority approves the planning application without significant delay.
Mark Cox, the Co-op's Chief Executive, is confident that the latest proposed scheme is more viable than previous schemes which did not come to fruition
“The Leale’s Yard redevelopment is an exciting proposal for both the people and businesses in the St Sampson's area, together with wider Guernsey," said Mr Cox.
"The plans will bring a wealth of new benefits for islanders, from social and economic impacts to environmental sustainability and affordable housing.
“We have taken both our experiences gained thus far and the requirements of the Development Framework and developed plans for a community-led development that, when completed, will be a real destination place for islanders.
“We look forward to achieving a positive outcome from this application and are confident that, when approved and developed, it will be fantastic for The Bridge area and beyond."
Pictured: People interested in learning more about the proposals are welcome to drop into information events at the Salvation Army Hall in Nocq Road on Friday and Saturday. The Hall is opposite the Co-op's main food store in St Sampson's, above.
The public can find out more about the proposed scheme at events being held on Friday and Saturday.
"The Co-op will be hosting free-to-all, open invitation tours of the site for members of the public to drop-in and meet representatives from the Co-op, J W Rihoy and Son and the design team and learn about the project and ask any questions," said the retailer.
These events will be held at the Salvation Army Hall in Nocq Road in St Sampson's.
People are welcome between 10:00 and 18:00 on Friday 8 April and between 09:00 and 12:30 on Saturday 9 April.
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