McCarthy Stone wants to create 37 residential units on the former Claire House and James House riverside site.
The development would include a ground floor café, community space and improvements to the car park and landscaping.
The plans are open to comment via Mole Valley District Council’s website.
Councillor Keira Vyvyan-Robinson, Mole Valley District Council Cabinet Member for Property and Projects, said: “The Claire House and James House project aims to create a landmark mixed-use riverside development that will improve the western gateway to the town and enhance the area around the River Mole.
“The application marks the next step towards the regeneration of the area and enhancement of the riverside area, a key project of Transform Leatherhead.”