The 300,000 sq ft mixed-use scheme will see the former Derry’s Co-op Department Store overhauled to provide 500 student accommodation beds, a 100-bed hotel and 60,000 sq ft of street level commercial space.
London-based Claridge Architects has drawn up the plans, which will is include adding two floors to an adjacent former snooker hall to create the hotel building.
Conversion work is due to start on site in early 2017 and complete in August 2018.
Colin Morris at Thames Bank Property, said: “The redevelopment of the former department store presents a significant opportunity to develop a high-quality scheme that will not only ensure long-term sustainable use, but will also provide a welcome and enhanced night-time economy to the western end of the city centre.
This is an exciting time for Plymouth and we look forward to delivering this project over the coming years.”