The team behind the Shetland Space Centre (SSC) have lodged three planning applications, including for a launch site, with Shetland Islands Council.
The proposals also include the building of a wildlife hide at Lamba Ness to help facilitate enhanced public access for the enjoyment of bird and orca watching.
SSC said the launch facility will eventually create circa 140 jobs on Unst, and will provide a further 70 jobs throughout Shetland.
SSC project director Scott Hammond said the economic decline of Unst since the closures of Baltasound Airport and RAF Saxa Vord had been “well documented”.
“We believe our proposals will help regenerate the island by providing skilled jobs and helping with repopulation that can only benefit the social fabric, including the school, health centre and small businesses.
“The space industry attracts young people and the island needs a healthy population of young families to maintain economic viability.”