Multi-million-pound plans could see a towering student accommodation block - featuring a cinema room - built to further regenerate part of Radford.
The vast £70m development is expected to deliver 702 student bedrooms across seven floors.
Planned west of Deakin's Place, near the River Leen, the development could be ready for students to move in by September 2021.
Alex Newbold, land manager for the Cassidy Group, the developer, said: "Cassidy Group are excited about bringing forward the Deakin's Place site which will bring much-needed student accommodation to the area as there is currently a shortfall in high-quality, purpose built student accommodation.
"Cassidy Group have worked closely with Nottingham City Council planning department in terms of the design of the proposed development, which includes an attractive pedestrian bridge link across the river linking to areas of open space."
A planning application has been submitted to build on land occupied by Willbond Plumbing.
Subject to planning permission, existing buildings at the site will be removed.
The project is expected to deliver 629 cluster flats and 73 studio flats.
Six drop-off parking spaces are expected to serve the site, along with two disabled bays and 176 cycle spaces.
The development site is situated near the University of Nottingham's Jubilee Campus and close to a modern student accommodation lock, between Midand Way and St Peter's Street, called Nottingham Two.
Business leaders said the development could take pressure off the private rental market.
Chris Hobson, director of policy at East Midlands Chamber, said: “Investment in Nottingham is always welcomed and this news will provide a tangible boost to the city, further cementing its standing as a great place to study – a reputation our region already enjoys through the world-class universities we have across our patch.
“Investing in student accommodation offers a number of key benefits – from the employment that comes with building the accommodation, the boost the local economy receives from welcoming hundreds of students who spend money there, to enhancing Nottingham’s reputation as a modern, well-equipped city that is an attractive place to live, work and socialise in.
“The boost to the local economy can be immediate but by increasing Nottingham’s attractiveness in terms of its provisions, more students will be encouraged to remain in the city upon completing their studies, which can also have a positive long-term effect.”
Jeff Allen, chairman of Nottingham Business Improvement District (BID), said "the proposed scheme would make sensible use of the land and would help to tidy up the area".
Lorraine Baggs, head of inward investment at Invest in Nottingham, welcomed the project.
"This ambitious, multi-million-pound developmentw contribute to the ongoing regeneration of the area and across the wider city, and help the city to meet the demand for student accommodation, alleviating pressure on the private rental market," she said.
"Students tend to concentrate their spending in their local area, so this development would also provide a longer term boost to retail and food outlets in the immediate vicinity.”
NottinghamshireLive has attempted to contact Willbond Plumbing for comment