The project, backed by Dundee 1881 Ltd, will transform the site into a mixed-use development, including new student accommodation, commercial space, and public realm.
The redevelopment aims to address Dundee's growing demand for student accommodation and boost the local economy by attracting students and tourists.
The project will also involve restoring a historical thoroughfare and creating new public spaces, such as green areas and improved lighting.
Public consultation events will be held in January and February 2025 to gather feedback on the proposals, with a planning application expected to be submitted in spring 2025.
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A spokesperson for Dundee 1881 Limited, commented: "These exciting proposals will serve to repurpose the Keiller Centre, breathing new life into Dundee city centre through the delivery of a vibrant urban quarter. Keiller Quarter will include much-needed student accommodation, commercial uses and high-quality public realm, supporting local education and stimulating the local economy.
"After taking stock following our purchase, and trying other initiatives, we recognised that there was no realistic option other than repurposing the Centre, which offers the best option for the site and for the city centre.
"The development will re-establish a sense of place at this location, as well as acting as a catalyst for regeneration, enhancing one of the city's oldest thoroughfares and bringing new vitality to the area.
"Our proposals are fully in accordance with the Dundee Strategic Investment Plan 2050, which sets out a long-term vision and identifies a wide variety of opportunities, including doubling the number of residents within the recognised town centre area, and doubling the number of visitors and visitor spend in the next 10 years.
"We look forward to engaging with the local community and other key stakeholders as we consult in advance of the submission of a planning application."
