The complex is to be built close to Plymouth University in the city centre as part of the redevelopment of The Northern Triangle, which has already been partly redeveloped for student accommodation.
Further regeneration is planned in the area with a 23-storey 500-bed development scheme proposed for Beckley Court.
The upper 14 floors of the building would contain 528 student bedrooms, a mixture of eight-bedroom flats and individual studio apartments. The lower part will be used as retail space.
A roof-level sky lounge will offer panoramic views across Plymouth.
If the scheme goes ahead the 1950s built 5-storey Mayflower House will be demolished on Armada Way.
