Residental Discs
Its gonna have at least 5 of these "residental disc" sections which will be about 10 blocks tall and 101 blocks wide each.  Each disc is half covered with wooden planks while the other half is open.  That way people can build houses under something or have an open space to build upwards.  The discs will spiral down the tower connected by suspended passages.  The idea is that each disc is supposed to be capable of holding a tiny village inside of it (i.e. multiple houses) The disc that comes in contact with the water will have a docking center for boats and fishing.  The tops of the discs could have pools, farming fields, and anything that needs light.  There will be ramps connecting the discs to its neighbor disc and a main bridge connecting it to the Market Shaft.  I may give each disc a certain theme if people want me to!

North Disc
So far I plan to have an INN for people to stay temporarily, a park, docks for people to arrive by boat, piers for people to fish and play fishing games maybe, grass, paths, houses.

Market Shaft
The shaft of the tower will have a layer for each disc and will hold the markets and places to buy stuff.  The idea is that its in the central location so everyone can access relatively easy.  Of course there will be an elevator system and possible a railway within the shaft for navigation through 4+ floors. The shaft will also extend down underwater and lead to mines and other underground things. It will be 50 blocks wide.
1st Floor
This floor will have stands for people to buy and sell blocks i.e. anything that can be placed physically on the ground and form a block like stone and iron blocks.
2nd Floor
This floor will have stands for people to buy and sell bits and monster spoils i.e. like diamonds and iron.
3rd Floor
This floor will have live-stock (if its even allowed) like sheep and cows for people to buy.  I may alternatively have this as a floor to sell crafted goods like minecarts and doors.
Below 1 Floor
This floor is underneath the water and will lead to mines that people can use.

Mega Dome
The "Mega Dome" on top will be whatever's allowed i.e. if PvP gets enabled then battles, mob spawner challenges and other community events.  Its meant to be a centralized action center for the community.  I expect the dome will be about 30 blocks tall and 151 blocks wide.

View of Market Shaft, Underside of MegaDome and the N. Residental Disc (2/27/12) Outdated


Topside to bottomside view of the entire project (2/27/12) Outdated

Planned Additions
Railways going to each disk; community farming area; mob arena/XP farm; add recent photos and videos to collection

Resources Needed
Cobblestone; oak wooden planks; oak logs; glass; sand; coal

Tbpb2010 - Founder
Logan5353 - Project Owner
Dumbbomb -Access Granted
Kian57 - Access Granted
Hammysandwhich - Access Granted
Nick3306 - Admin
awesomealicia - Operator
TheRealFamous - Moderator
Kodak28 - Moderator
SoulKnightGT
SalasCraft
clawstrider
Comdo
Bcbbrog55
Tylerhan2000
SirGravatt
SJ321987
Uzbeksock
yajeetz
Nick80653
c4ridw3n
whatehfuh

Permissions: Anyone labeled Access Granted (besides Mods+) can open the doors of the tower and access some chests and things I place.  If you would like to gain access contact Logan5353 in game or leave a post here requesting access. Access is only given to those who Logan5353 and I can trust.

Update 1/27/12:  I have updated the help list and will include some more recent pics.
Update 2/2/12: I have revised my wall-o-test slightly and add more recent pics and updated the help list.
Update 2/5/12: Updated the help list and am now considering a tweak in the design
Update 2/27/12: Revised wall-o-text again and updated the help list.  Also incuded vids of project instead of pictures. If the vids don't load or it's too inconvient PLZ LET ME KNOW!!! I can easily just insert images but I figured vid would be better for how I wanted to show it.
All things listed so far are subject to change because as of right now (2/27/12) I have yet to finish this project.
Just so you know this is gonna be HUGE!!
Update 4/4/12:  THIS PROJECT IS POSTPONED.  I WILL CONTINUE PROGRESS AFTER I HAVE ESTABLISHED A STEADY SOURCE OF MONEY (I'm currently working on an auto farm in a location that'll remain nameless
Update 12/2/2012: The tower project has been brought back to life by Logan5353.
Update 12/15/2012: Railways have been started
Update 12/31/2012: Updated wall of text and started MegaDome

Progress:
(Discs)
1st Residental disc sleleton-COMPLETED (Although temp farms/storage need to be moved)
2nd Residental disc skeleton-COMPLETED
3rd Residental disc skeleton-COMPLETED
4th Residental disc skeleton-COMPLETED
5th Residental disc skeleton-COMPLETED
(Shaft)
Below water section-IN PROGRESS (Working on replacing water with air, found a ravine! )
Above water section- COMPLETED
(MegaDome)
Base of Dome skeleton-COMPLETED
Top of Dome skeleton-In PROGRESS