A storage company has submitted plans to build a large warehouse at the site where a DIY superstore was badly damaged by fire more than two years ago.
Shurgard Self Storage hope to create a three-storey centre at the corner of Larkshall Road and Hickman Avenue in Highams Park.
The plot of derelict land, currently being used as a HGV driving school, formerly housed Focus DIY, which closed in 2011.
In April 2012 the disused shop was burnt to the ground.
According to the application received by Waltham Forest Council on May 2, Shurgard Self Storage and DMWR Architects Limited say the development will "improve a dilapidated site which detracts from the surrounding area, respect the design of surrounding buildings, and create a clean and contemporary new development on the site".
The site will feature the 9m high three-tiered storage centre, allocated parking with 24 hour CCTV monitoring and landscaping of mature trees.
The developer said views of the centre from Larkshall Road will be limited because of additional tree and shrub planting to accommodate the heavy hedging already in place and the building will be set back 20 metres from the main road.
Shurgard Self Storage consider the proposals to be a "huge benefit" to the borough in terms of regeneration.