The plans, which are for the Caltongate site in the Old Town, show new hotels, shops, homes and offices, according to the BBC.
South-Africa based Artisan is behind the proposals.
The site has been empty since the original developers, Mountgrange, collapsed four years ago.
The new plans include the retention of a number of the Old Town's unique settings in order to preserve its character.
This includes keeping the Canongate Venture building and the facade of the Old Sailor's Ark. The historic views of Calton Hill from the Royal Mile will also be preserved, while the Jeffrey Street arches are set to be open as small, individual 'artisan' units.
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Lukas Nakos, Artisan's Managing Director, said: "We have the opportunity to create, in the very heart of Edinburgh, one of Europe's most exciting and vibrant mixed-use communities which will set an international benchmark for sensitive and innovative development.
"During the last year, we have listened to a huge variety of views and opinions on the development of the site, and heard impassioned arguments relating to its unique importance, setting, heritage and community.
"Our new vision reflects this varied and dynamic consultation process and we feel we now have a proposal which balances ambitious and exciting commercial priorities with a genuine understanding of the area's community and civic context."
The new proposals are the result of a 12 month consultation with local people, civic partners and heritage bodies.
The plans can be viewed at Edinburgh's Canongate Venture building on Thursday until 8pm and on Saturday until 12.30pm.
A detailed planning application is due to be submitted later this year.
(JP)
