Local developers have submitted plans to Coventry City Council's planning committee to build a 225-bed student accommodation block in Harper Road.
Including within the document are plans to open up the River Sherbourne to the public by creating a pedestrian walkway along the river bank.
It's understood that developers hope that the redevelopment of the site will facilitate further investment into the area, which they see as being underused.
According to a statement released by the developers, around 38,000 full-time students need accommodation in Coventry.
It's therefore hoped that the addition of new accommodation will help to reduce the number of privately rented homes that are currently occupied by students.
Specifically, the plans are designed to ensure that the council's local plan to improve the link between Charterhouse and Far Gosford Street are met, by creating a walkway along the river that will run past the three blocks of flats.
It's anticipated that this will allow "for the future development of the riverside link from the historical Far Gosford Street to the new Charterhouse Heritage Park".