According to plans lodged with Wollongong City Council, the 4135-square metre business incubator will encourage collaboration and creativity among its high-tech occupants.

They will be able to use different "clusters" of desks and workstations, as well as meeting rooms and exhibition spaces, which have been designed to "heighten the sense of community and embrace the social changes in contemporary workplaces".

Drawings show the ground floor of the building includes a cafe and retail area, while a rooftop "rejuvenation area" includes a sun deck and "chill out" space.

The design will also focus on sustainability, by allowing its occupants to monitor its environmental performance and energy consumption on digital displays throughout the building.

The iAccelerate program was one of 12 projects to benefit from the NSW government's port privatisation fund, with the university allocated $16.5 million.

Modelled on similar facilities in Waterloo, Canada and Silicon Valley, the building will provide office space as well as a mentoring, guidance and assistance programs to help new businesses find investors.

The university's Vice-Chancellor Paul Wellings previously described it as "a very big step change for the region in trying to create new industries and new jobs".

If approved, iAccelerate will be the Innovation Campus's eighth major construction project, and occupy part of the western edge of the campus near the new Montague Street bridge.

At a sod-turning ceremony in April, Professor Wellings said it was due to be complete in about 18 months, and would eventually house up to 280 entrepreneurs and 500 staff.