The University of Hull has appointed University Partnerships Programme Ltd (UPP) as the preferred bidder for a £130 million investment in new student accommodation.
UPP has been tasked with raising investment and handling the design, construction and operation of the project.
The development will be situated on the west side of the University's campus and will provide enough space for an additional 1.450 beds consisting of a mix of single rooms and one bedroom apartments.
The scheme will comprise of nine blocks formed around a central plaza.
The development is in addition to the £200m investment programme that has already begun and will result in new and refurbished buildings, IT infrastructure and student services.
Professor Glenn Burgess, acting vice-chancellor at the University of Hull said: "This is the latest announcement in a wave of investment across the campus to provide an exceptional environment for staff and students."
Once complete UPP will have a portfolio of approximately 31,500 rooms through established partnerships with 15 UK universities.
Chief executive of UPP, Sean O'Shea, said: "We are committed to driving investment into the UK's higher education sector and plan to invest a further £1bn into universities over the next two years that will help deliver world class infrastructure and continue attracting the brightest and best students from across the world."
The scheme is still subject to planning permission, but if it goes ahead construction could start in May 2017, with work to be completed by the end of 2019.