The scheme at Goshen Farm, north of Wallyford and less than half a mile from the coast, would also include ponds and playing fields and create hundreds of jobs.
Ashfield Commercial Properties, which acquired the site several years ago, has submitted designs and an application to the local authority.
The Bristol-based firm, which has operations in Scotland, said the Goshen Farm site’s proximity to Wallyford Station’s Park and Ride site and bus links to Edinburgh are among the main attractions for wanting to develop the site.
Nearby residents were shown the plans last week and councillors will examine them in the months to come.
Andrew Fisher, managing director of the developer’s parent company Ashfield Land, said: “We bought this site, which is about 140 acres, a few years ago and since then we’ve been in discussions with local residents and the local authority as to how we can bring this development about.
“The basis of the application is that this is a highly sustainable site which will benefit from very good transport links, being right next to Wallyford Station Park and Ride and very regular routes into Edinburgh.
“The proposals also include significant employment, not only for the construction stage but equally for new commercial employment opportunities.
“This is a significant development with a lot of local community benefits.”
The Goshen Farm site had previously been earmarked for a major £140 million Cala development in 2002, however it did not go ahead after significant opposition from nearby residents.
However, there are increased demands for good quality housing in the region.
Mr Fisher added: “We’re certainly very excited about this, it’s something that brings great community benefit and at the same time offers good sound reasons for residential development.
“This has been very well masterplanned to give it a sense of environment. It’s far from just plonking houses down on a development.
“There is a great demand for developments like this and that’s why we’re keen to bring this about sooner rather than later.”
The early-stage applications, which feature ponds, playing fields and several separate estates on the site, will be examined by councillors soon.
A spokeswoman for East Lothian Council said: “An application has been submitted for a major development of around 50 hectares in the west of the county, on the outskirts of Musselburgh.
“An environmental statement has been submitted by the developer and both it and the full application can be viewed at the council offices or online.”