Top restaurants, wine bars and cafes would be among the highlights of Scheme 2 at the former Northampton bus station site.
The as yet unnamed developer behind Scheme 2 says it has interest from a wide range of companies including Turtle Bay, Five Guys and Las Iguanas.
They would potentially take up eleven units set aside for casual dining.
It is likely that Scheme 2 would be complete by 2021 at the latest.
A spokesman said: “It would be delivered in three phases with a construction of all phases estimated to be 36 months.”
The main differences between the two schemes are that Scheme 2 would have a smaller cinema, more restaurants and a footbridge to the Grosvenor Centre.
Scheme 2 proposes:
-A boutique, four-screen cinema
-11 units for restaurants, wine bars and cafes. There has been interest from Deans Diner, Las Iguanas, Mimosa, All Bar One, Five Guys, Cosy Club, Bella Italia, Fish Works, Miller & Carter, Turtle Bay, Wildwood and Zizzi
-150 bed, four-star hotel with gym and spa
-266 residential units, with 144 private rented apartments and 122 apartments to be sold
-339 student accommodation units
-transport hub with three large coach bays
-pedestrian bridge across Greyfriars, new links to the Market Square, refurbished existing link directly to the Grosvenor Centre.