Work started last week on the 435-room contract for developer Cassidy Group on Albany Road.
It will be the third student accommodation project delivered in Coventry by Galliford Try’s Building East Midlands business.
The scheme will see 55 student clusters and 55 self-contained student apartments in buildings ranging up to six storeys for students at Warwick and Coventry universities.
External landscaping will include a new community space that will provide a facility for local residents.
The layout and design of the proposed development reflects the local setting, including the locally-listed public house The New Albany.
Jon Marston, Managing Director for Galliford Try Building East Midlands, said: “We have an excellent track record in delivering high-quality student accommodation around the country but particularly in Coventry.
“We look forward to working with the Cassidy Group to add to this portfolio and create a fantastic new facility for students and local residents alike.”