The proposals, which developers hope will create around 450 new jobs, would see two hotels, a 10-pin bowling centre, five cinema screens, winter garden and an aquarium built at The Island site.

And as the exclusive artist's impression above shows, a seven-storey hotel tower will provide an iconic centrepiece.

To see larger images click view gallery

Paul Taylor, who owns The Island, hopes the project – which will be financed by private investment – will be ready in time for the 2012 Open Golf Championships at Royal Lytham and St Annes.

He said: "This is a major attraction for St Annes which will bring people in. This is the start of what we need to get St Annes moving forward. It could be ready for the 2012 Open when the eyes of the world will be on us and will be a once in a lifetime opportunity for people to see what St Annes is about."

See more of the plans here

A five-star hotel planned on the site would have 100 rooms with an additional 60 rooms being built as part of a second three-star hotel.

Mr Taylor believes the closure of St Annes baths on July 31 means the promenade will lose 70,000 visitors every year.

He added: "If nothing happens in St Annes, St Annes is doomed.

"We are looking for public support to regenerate St Annes. I've been working on this for two years and it is still in its early stages."

Fylde Council leader John Coombes has backed the new 265,000sq ft development.

He believes it forms part of "exciting plans" for St Annes.

Coun Coombes said: "A significant amount of consultation needs to take place to make sure whatever goes on that site is going to be an expansion of what the town already has. We already know what doesn't work in St Annes."

John Moxham, chairman of St Annes Chamber of Trade, has signalled his support for investment in the town.

He said: "It is certainly worthy of everyone's consideration.

"It's a very ambitious project. Anyone who is prepared to put considerable investment into St Annes has to be applauded provided it fits in with the rest of the area."

A £500,000 four-month revamp of The Island's current facilities is nearing completion. The facilities – not including the council-owned pool – would be replaced if Mr Taylor's new plans win approval.

The Island currently has four cinema screens, a restaurant, bar, a function room, a party suite, family centre, amusement rides and a cafe. It employs 50 people.

Visitors to the promenade have been giving their views on the plans.

Vicky Francis, 29, from Warton, said: "It is not a bad design and gives people somewhere nearby to take their children."

Phil Sullivan, 44, of St Annes, said: "It will obviously tidy up the seafront but I don't think more hotels are what the town needs."

Plans for a 56ft big wheel on the prom – which was attacked by local residents as not in keeping with the seafront site – will be withdrawn as part of the plans.

The plans will be on display at The Island from Saturday, May 10.