Dun Laoghaire Rathdown County Council and the Land Development Agency have lodged a planning application to build 597 new homes at Shanganagh in Co Dublin.
The 597 units will consist of 91 homes that will be available to buy under an affordable housing scheme, 200 social housing units and 306 cost-rental units for tenants.
Cost rental homes are a new form of renting and will result in more affordable rents for households who struggle to pay private rents.
The new Shanganagh development is currently the country's largest proposed cost rental scheme.
The new homes will include 51 terraced, semi-detached and detached houses and 546 apartments. They will be a mix of two four-beds, 99 three-beds, 302 two-beds, 165 1-beds and 29 studios apartments.
Today's planning application also includes a creche with capacity for 107 children, playgrounds, a gym, a convenience store, communal working spaces and a café.
Construction on the site is scheduled to begin in early 2021, subject to An Bord Pleanala and government approval.
LDA chief executive John Coleman said today's application underlines the LDA's commitment to delivering affordable homes for people that otherwise would struggle to pay rent.
"It also demonstrates our focus on delivering high-quality homes, built to the highest standards and adhering to the latest sustainable design techniques," Mr Coleman said.
"We will work as fast as we can, subject to getting planning approval, to deliver these homes and help to alleviate the shortage of supply in south Dublin as a matter of urgency," he added.