Art dealer John Martin is leading the project and plans have been submitted to redevelop the Grade II-listed terrace of five townhouses into art galleries, storage and exhibition space.
A number of industry figures have backed the ambitious proposals including the Society of London Art Dealers.
The Cromwell Place project is due to go before Kensington and Chelsea Council on the evening of Tuesday, February 7.
Applications to take space at Cromwell Place will be available from May if planning permission is granted. Martin believes the new hub could be open by 2019.