Plans for a public-private partnership (PPP) between Alcove Properties and Dublin City Council could see the regeneration of the Charlemont Street and Tom Kelly Road flats.
The scheme would involve the demolition of around 200 flats , most of which were built in the late 1950s apart from one block, Ffench-Mullan House, which was built in 1944.
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The vacant site of the former St Ultan's flats is also part of the proposed development.
Plans include shops, office space, restaurants, a sports centre and a cinema.
A total of 260 apartments are planned, 139 social housing units,16 affordable housing scheme homes and 105 private apartments.
The development will be constructed in five blocks ranging up to eight storeys.
Local Labour councillor Kevin Humphreys said: "I think it’s a very hopeful and encouraging sign that we have something like this developing in the city, and I have to commend the council and the developers on their level of engagement and consultation with the community."
(GK/BMcC)
