A planning application has been submitted to Sunderland City Council, which if given the green light, could see work start on phase one in the summer.
The site is the first of five areas of the city to be regenerated in a £100m-plus scheme managed by Siglion and will include office, retail, residential and leisure developments.
Siglion chief executive, John Seager, said: “This is the first major speculative office development in Sunderland for many years.
“Even larger cities in the UK are rarely willing to speculate on office buildings, so this is a great step forwards we’re making for Sunderland.”
In addition to the detailed plans for phase one, Siglion has also applied for outline planning approval for the site master plan.
This includes a range of developments, with residential, car parking, retail, hotel, leisure and further commercial elements.
Seager added: “We’ve been through a full and open consultation process, and I’m really pleased about the positivity we’ve found.
“The plans have been very well-received by local residents and businesses in the city and we’ve taken on board their comments.
“The design team has worked very hard to get to this position. The team only got together formally in January 2015, so things have moved pretty quickly.”
Siglion is a joint venture company set up by Sunderland City Council and Carillion, managed by igloo Regeneration.
Councillor Paul Watson, leader of Sunderland City Council, praised the news and the effect it will have on the city economy.
He added: “I’m excited to see the detailed plans for the former Vaux site and look forward to watching the transformation of this important and highly-visible part of our city centre, providing jobs, homes and leisure facilities for people in Sunderland.”