The nature-based regeneration organisation has lodged proposals with Derby City Council to reimagine the site, which is located near Sadler Gate and close to the Bold Lane car park.
The plans involve an outdoor venue, including food premises, a bar and outdoor dining areas, with an events area for occasional live music and theatre performances.
There are also plans to fill the space with landscaped planting areas in an allotment environment style.
Oliver Quince-Starkey, founder of Down to Earth Derby, said: “We are unbelievably proud and delighted to announce that were going forward with this project (subject to planning).
“We cannot wait to get this going and getting the spades in the ground in 2023.
“A massive thank you to all those who’ve supported and pushed this project to make it happen.”
Down To Earth Derby is an organisation that aims to empower residents to be part of making the city a world leader in nature-based urban regeneration with a thriving, sustainable-regenerative economy.
Its vision for Derby is being supported by the Eden Project – and last year that vision was shared at a showcase event, which was attended by more than 300 people.
Attendees were introduced to spectacular visuals for six city centre sites, including the Bold Lane site, which used to form part of the now demolished Prince’s supermarket.
