The plans also include the construction of 30 flats, according to Urban Realm.
If the proposals are approved, it is believed work could begin by July.
The scheme, which is being financed by local businessman Alex Penman, would be situated on the site of the former Candlerooms nightclub and would see the construction of a seven-storey block clad in self-coloured render and'/or facing brick.
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In a design statement, project architect Stewart Davidson wrote: "The design addresses appropriately this prominent corner site, using active frontages onto adjacent streets. This includes entrance foyers, visible restaurant and bar facades, commercial unit access points which all include a visual interaction with the adjacent street scene.
"An element of undercroft car parking has been integrated to the North façade at ground level, but this has been sensitively designed. Screening has been introduced at low level, and the ground level façade has been recessed to create interest and interaction with the building elements."
A provisional completion date of January 2015 has been given for the project.
(JP/CD)
