Developers in Penryn are looking to create hundreds of student beds using shipping containers.
The scheme has been earmarked for the former Home Shed Site on Kernick Road and if given approval will result in 264 rooms being built along with a swimming pool and gym.
Included in the designs is also space for a health centre, business unit and innovation hubs.
The latest plans follow proposals submitted last year by Expedite Project Services on behalf of the owners of Home Shed to build more than 400 student flats in shipping containers, up to six storeys tall.
However, Home Shed subsequently fell into administration, resulting in Irregular Cornwall stepping in to deliver the scheme. The South West-based company has drawn up a master plan for the site, which they hope will address concerns regarding the increased demand for student housing in Falmouth and Penryn.
The first phase includes the construction of 264 student beds which will be built by transforming shipping containers into accommodation.
Project manager Andy Cook from irregular Cornwall is confident the proposed development would provide a suitable alternative to student housing in Falmouth, whilst also creating additional jobs.
He added: "We're excited to be creating a local solution to the pressures of student accommodation. The number of students is going to rise - the cap has already been raised by Cornwall Council - so there needs to be a fast and practical solution that deals with local people's objections to in town development and which protects the beautiful greenfield surroundings.
"We want to move quickly to stem the loss of houses that could be used for local families as well as re-vitalising redundant brownfield land."
If approved quickly it's hoped work on the site can begin this September, with students able to move in in time for the 2018 academic year.