IMCO Holdings wants to build 20 business units on a patch of waste ground in Ribbleton.
And the company says one of its aims, if it gets the nod from planners, is to provide opportunities for local residents to access training and employment both during and after construction.
In a submission to the city's planning committee, IMCO says it is "committed to supporting construction training and employment opportunities as part of this development.
"We believe this is important not only to provide a skilled workforce for our sites, but also to build the skills capacity of the construction sector in the future."
IMCO says it hopes by investing in local people it will help to tackle unemployment in the Preston area, particularly amongst young people.
It also believes its approach could help the local economy
The project will transform a walled off area of land bounded by Catherine Street, Swan Street and Campbell Street in Ribbleton which has stood unused and overgrown for some time.
At one time the plot was the site of a reservoir for one of the many cotton mills in the area. It was filled in when the factories closed down and, more recently, it became a builder's yard.
In the last decade an application to build a banqueting hall there was refused by the council on traffic safety grounds.
The 20 self-contained units will be built as four blocks, all designed in a similar style and each having a mezzanine floor. A new access point, in addition to the existing one on Campbell Street, will be created off Catherine Street to allow for larger goods vehicles to get into the site.
IMCO says its approach will be to work together "with local partners in Preston and the surrounding area to provide employment and training opportunities for local people and our plan to engage with the local economy."
It says its employment and skills plan (ESP) is the one used at its development at Roman Way, Preston, and draws on "the successes and lessons learnt over previously undertaken developments."
The company says it will look to appoint a local contractor to carry out the development.
As part of the tender process for the project, those invited to tender will be asked to identify their company policies regarding a number of key drivers such as the creation of apprenticeships and other training models.
It adds that recruitment through Preston Hub and Jobcentre Plus locally will be important, as will offering work experience and links with local schools, colleges and university. It would also prefer to see companies who use local suppliers.