Architect CDA has drawn up the Ocean Point 2 scheme which will consist of two buildings containing over 400 beds of student accommodation and 120 build to rent homes.
It has been estimated that 325 jobs will be created directly in the construction of the overall scheme.
Ocean Point 2 neighbours Ocean Terminal, which is set to undergo a £100m transformation, delivering a mixed-use development comprising residential, commercial, retail and hospitality.
A spokesman for S Harrison said: “Our proposed development, if approved, will bring much-needed homes and student accommodation to an area which is undergoing a rapid transformation, delivering a truly mixed community.
“Regenerating a current brownfield site, this development boasts excellent transport links, especially with the new tram line, and will deliver a significant investment into the local community.”