Portsmouth City Council revealed its latest proposals for the disused Tipner West site to prospective developers and investors, which were branded 'exciting' and 'innovative.'
If awarded planning permission work could begin in 2023 to remove some of the site's earth, creating an underground 'podium' for car parking and storage, leaving the roads car-free and pedestrian-friendly.
It is hoped the extra 22 hectares gained from reclaiming land would allow for more than 4,000 homes, a school and a 1 million sq ft marine employment campus.
Natascha McIntyre Hall, assistant director of strategic development at the council, said: 'The opportunity is incredible.
'If we eliminate cars and change the way people move around we will create a more visible community that seeks to end social isolation. This is about putting people first.
‘This should be a beacon for the whole of Portsmouth and the rest of the country.'
For council leader, Councillor Gerald Vernon-Jackson, Tipner West provided the best option for the city's housing targets. 'Realistically the drive for this is government's demand that we build 18,000 new homes in the city,' he said.
'With this opportunity it will be different and it will be very attractive for people to live there.'
The development will occupy a total of 140 acres and a bridge between Tipner West and nearby Horsea Island will be built for use of the marine job site as well as sustainable transport such as buses and bicycles only.
Hundreds of developers, investors and contractors attended a presentation on the project, which is predicted to cost more than £1bn, held on Wednesday (Sep 18).
Angela May, from Ivor King Piling in Birmingham, said: 'This looks exciting and innovative, I've never seen anything like it.
'The theory of the underground parking and taking away the cars from the streets is amazing and very forward thinking.’
Lee Bishop, managing director for Taylor Wimpey major developments, added: 'For a launch of a scheme like this, this is bigger than anything in London - I've seen hundreds of people here.
'I think that's because it's such an interesting idea.'
Residents from Tipner East and Port Solent are invited to drop-in information events to find out more. These will take place at the Port Solent Boardwalk on 26 September and October 9 at the Mountbatten Centre from 12pm - 7pm.
A public consultation and exhibition on Tipner West are planned for the start of next year.