The £1 billion project is a joint venture between billionaires Nick and Christian Candy and their CPC Group and Qatari Diar, a branch of the Qatari government's Qatari Investment Authority.
It will see a total 638 apartments being built at the site, half of which will be affordable, as well as a boutique hotel, retail units, a community hall and a community sports facility featuring a 25m swimming pool.
Situated between Sloane Square and the River Thames, the private apartments will feature designs from Rogers, Stirk, Harbour & Partners and, with Candy & Candy as interior designers, will be among the most expensive apartments in the capital.
The devolvement will see the Sixties barracks turned into the 21st century equivalent of the great estates of Mayfair and Belgravia.
Included in the plans submitted to Westminster council are details of a landscaped, publicly-accessible park and private garden areas which will see 300 trees being planted.
The flats, some costing tens of millions of pounds, will be fitted out with every gadget and security measure.
The properties will be aimed at the world's wealthiest people looking for a London base. A team of the world's leading consultants have been put together to ensure the development meets the highest specification.
The brothers have commissioned architect Lord Rogers to design the buildings that will replace the barracks, while they oversee the interior design and act as development managers of the project.
Internationally acclaimed landscape architects, the Olin Partnership, will create the park and gardens.
Overlooking the grounds of the Christopher Wren-designed Royal Hospital and Ranelagh Grove, Chelsea Barracks is one of the world's most eagerly anticipated developments.
The site was bought from the MoD in February for £959m. The deal makes it worth £75 million an acre. When fully redeveloped, the site could be worth several billion pounds compared with the £58.3 million it was valued by the Government's National Asset Register.
The Candy brothers, who are behind some of London's most expensive property and valued at £9 billion, have also bought buildings at neighbouring Grosvenor Waterside.
It is thought they plan to integrate the two sites with a pedestrian boulevard to create a 'riverside estate' which will boost prices even further.
