Developers Miller Homes have finally submitted the application for phase one of the City Fields development, after the initial plans were revealed in February.
The application is for full planning permission for 328 homes, and outline planning permission for 172.
If the plans are approved, work will begin on the City Fields development early next year.
The total development proposed includes a new 2km waterfront area with canal-side walks, cafes, bars, shops, restaurants and public spaces across 150 hectares.
The £500m scheme would ultimately see 2,500 homes built in the area and would create 5,000 jobs.
It is expected to take up to 20 years to complete, but would improve public transport facilities and cycle routes.
When the plans for the first phase initially went before the public in the spring, concerns were raised about the impact of increased traffic.
People living nearby launched a campaign protesting against the massive development, claiming there was insufficient infrastructure in place to support it.
But planning consultants Spawforths, working on behalf of MIller, said it would be subject to detailed scrutiny to ensure safety.
Wakefield Council have come out in support of the plan, claiming it would create jobs and help to tackle a shortage of housing.
Standard consultation on the planning proposal ends on Monday, October 7.