The development masterplanned by architect Zaha Hadid aims to deliver 520 homes, two office buildings, retail space and a new hotel with conference facilities.
Environmental consultant and contractor Sanctus is carrying out the remediation of the brownfield site and enabling works for the scheme.
L&G will work in partnership with Bristol City Council to ensure 40% of housing is for social and affordable rents or shared ownership.
All commercial buildings are designed to target BREEAM Outstanding status.
Tony Dyer, Leader of Bristol City Council: said: “It’s great to see proposals for much-needed new homes and commercial space submitted for Temple Island.
The Council has been working with L&G for a long time to bring these plans forward, so this is an exciting milestone to reach after so much hard work.
This planning application is a brilliant springboard to kickstart 2025 for Bristol Temple Quarter, which looks set to be a significant year for the project.