Forge Properties wants to build a supermarket, shops, a gym and petrol station on the site of the former North British Locomotive works in Carlisle Street in Possilpark.
It is estimated the scheme will result in more than 600 jobs being created.
The majority of the site was cleared in the late 1960s and has remained vacant ever since.
It is bounded to the north by the Morrison Bowmore bottling plant, which the Health and Safety Executive has identified as a major hazard site because of the presence of significant quantities of ethanol which is used in fermentation.
However, the developer has agreed to pay to have the ethanol tanks moved to another part of the distillery site making the area safe for development.
A city council report says the proposals have the potential to deliver major regeneration and to pump-prime further regeneration in the immediate area.
An earlier application for the site included greatly increased shopping floorspace, a cinema, restaurants, library, multi-storey car park and new homes.
But planning bosses were concerned that would effectively result in the creation of a new town centre.
As a result, the developer agreed to reduce the scale of the plan which now involves nine business units, a supermarket with a floorspace of just over 5000sq m, non food shops with a combined floorspace of 2200sq m and a petrol station.
The proposed gym, which would have a cafe attached, would be two storeys tall and located to the east of the proposed car parking area.
The work would also result in the upgrading of Carlisle Street, the formation of new access roads and parking.
The council report said: "The retail aspect of the proposal is out-of-centre, however the proposal has the potential to satisfy an identified need for a main food shopping destination in an area that is currently underserved.
"The main retail impacts are on existing large superstores that are themselves out-of-centre.
"The net effect of the proposal as a whole is anticipated to serve as an impetus for regeneration of an otherwise vacant and derelict site that has lain unused in excess of 40 years.
"The proposal will involve significant investment, including infrastructure works, resulting in overall job creation estimated at 611 positions.
"It is considered the net benefits of the proposal represent a very significant material consideration in the delivery of major physical, social and economic regeneration in North Glasgow."
If councillors decide to give the scheme the go-ahead, it will have to be referred to Scottish Ministers because of the Health and Safety Executive concerns,