A subsidiary company of Brighton and Hove Albion FC has announced plans for the Swedish furniture store in Lancing as part of a scheme at New Monks Farm.
There would also be 600 homes, a school, community centre, and country park. Almost 900 jobs would be created.
Martin Perry, director of the New Monks Farm Development, said it was part of a wider regeneration scheme in Lancing.
He said a "major" new roundabout would be built on the A27 in place of the Sussex Pad traffic lights which would "improve the situation for commuters and open up new job opportunities on Shoreham Airport".
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The land is owned by the football club and is situated to the north of its training ground.
About 875 new jobs would be created for the Adur area with 430 of them based at the Swedish furniture giant's new outlet, the developer said.
Opponents have raised concerns as the area is a flood plain, but Mr Perry said actions had been taken to reduce the risk of flooding.
"The Environment Agency are building a new tidal walls project along the western bank of the Adur, but we're also putting in additional protection along the eastern side of our site to meet their requirements for tidal flooding," he said.
Draft plans for the site will be on display at the Shoreham Centre in Shoreham on Friday and Saturday and at Lancing Parish Hall next Wednesday.
Hundreds of jobs would be created if a £150m development including an Ikea is approved, a developer has said.