Residents are being asked to have their say on proposals for 152 apartments and 55 houses on part of the Tipner East site in the north of the city.
The land in question has remained unused since 2012 when the greyhound stadium was demolished and it was since earmarked for around 500 new homes - although no schemes materialised.
A spokesman for Savills, which is acting as an agent for developer Bellway Homes, said the project would act as ‘a catalyst for redevelopment of this vacant and underused part of the city.’
He said: ‘It will bring much needed new family homes and affordable homes for the city of Portsmouth.
‘This is potentially the first part of a larger regeneration project at Tipner East and West.’
And a spokeswoman for Bellway added: ‘Our plans include a mix of apartments and houses, with 30 per cent of the homes allocated as affordable housing for affordable rent and shared ownership, in line with the council’s policies.
‘If approved, our proposals will deliver much-needed family homes for local people and kickstart the regeneration of a derelict brownfield site into an attractive gateway to the city.’
The development could also include two open public spaces, 262 parking spaces and access from Tipner Lane and Twyford Avenue.
According to Portsmouth City Council future proposals for another housing development could be brought forward by Vivid Homes for the northern part of the Tipner East site.
Councillor Hugh Mason, the council’s planning and city development boss, said: ‘This area has remained derelict for many years and I am pleased to see the plans for new homes to be built here.
‘This will help us towards the demanding target of building 855 homes a year, set by the government, but, more important than that, it will create a community where people will be able to enjoy a home of their own.’
John Cass, chairman of the Tipner and Stamshaw Neighbourhood Forum, said that news of the planning application had come as a surprise.
He said that his group were not opposed to homes being built in the area, but wanted to be taken into consideration when discussions were had about construction traffic heading to the site.
‘This application was a little out of the blue,’ he said. ‘This has been dragging on for years – it's been a considerable amount of time.
‘We have got this on our doorstep and we will have to put up with more traffic, but we are hoping for some more transparency about what will happen next.’
Residents can review and comment on the plans, which are expected to be submitted this summer, at sites.savills.com/Land_at_Tipner_East until June 11. Mr Cass said that that deadline did not give people much time to put forward their opinions.
It comes as plans to build more than 2,000 homes on a neighbouring site - known as Tipner West - are currently under way by the city council.