Extra MSA Group, the motorway services firm, has submitted a planning application to Sheffield City Council for a £46m site.
The company is looking to build a new Motorway Services Area which will be located on Junction 35 of the M1.
Andrew Long, chief executive officer of Extra MSA Group, said: "We are deeply committed to Sheffield and remain focused on our proposals which will bring some 700 job opportunities to the region, secure a direct upfront investment of £46m for the MSA and £1.2m for the new Custodian Entity, as well as guaranteeing that an initial 250 acres of Woodland receive funding of £200,000 per year, for a minimum of 50 years and beyond."
The development could unlock 700 jobs, 400 in construction and 300 permanent on site jobs once the development is complete.
Planning was initially submitted in March 2014, but concerns were raised about the surrounding woodlands which led to further public consultations and reports to come to a compromise on the situation. Extra have committed to maintain the North East Sheffield Woodlands directly and also in partnership with local Community Woodlands groups.
Long said: "We at Extra MSA Group welcome comments and differing views to our own regarding Smithy Wood and our proposals for Sheffield Services and the surrounding Woodlands."
A final decision is expected in January 2016.