Subject to planning approval from the city council work could begin on the complex as early as November with a phased completion between 2020 and 2022.
If planning is approved and works commence, this will be the first major construction milestone in the £150m redevelopment of St Marks.
The mixed-use development has outline planning and will create new private and affordable housing and retail space.
The student accommodation is an important component of the overall scheme, which will include new retail and leisure, residential, a hotel and improved parking.
David Stewart of Aberdeen Standard Investments commented: “Submitting this planning application with the University of Lincoln’s support is a major endorsement of our plans and a key step on the road to delivering our vision for a revitalised St Marks.”
A University of Lincoln spokesperson said: “Students are at the heart of everything that we do at the University of Lincoln and we are committed to providing a total learning experience which includes ensuring high quality student accommodation.
“The location of this development is perfect for the campus and we are confident that Aberdeen Standard Investments share our ethos and belief about enhancing every element of the student experience.”