Bufield Developments has applied to the authority to build 66 apartments across the upper five floors of a six-storey building, with a ground floor car park, on Gleadells Wharf.
An existing building on the Bridge Street land would be demolished as part of the works.
The plans include either private external amenity spaces or Juliet balconies to all apartments alongside community terraces on the fifth floor.
“The proposed development will help fulfil the important strategic objective of assisting the regeneration of Gainsborough,” said Bufield’s Design and Access Statement.
“The site has brownfield status and is close to the town centre within an area identified for redevelopment and regeneration.
“The impact on the conservation area will be positive and the new building will occupy what is currently a derelict, open site on the river frontage.”
They said the design of the building was appropriate for its riverside setting.
"The scale, massing and form and detailed design of the building are appropriate for the riverside setting and it will enhance the character and appearance of the conservation area in which it is located.
“Any adverse impact the development may have on the living conditions of the adjoining dwelling to the North has been mitigated through design and this has to be considered in the context of the situation which existed before the earlier buildings on the site were demolished,” they added.
Plans were previously approved in 2006 to build 43 apartments and two commercial units on the site.
However, the works were never started and permission has expired.
In documents before the authority, the developers showed how they had learned from and built on the original plans.
They added that they showed development of the site was supported in principle.
For more information visit www.west-lindsey.gov.uk.