Investment from China will finance plans for a development mixing homes and businesses in a vibrant Sheffield area.
The proposals for land near St Mary’s Gate roundabout - including a 21-storey tower of student accommodation -a im to complement the London Road community.
Four blocks would rise above a central plaza of shops and cafes, which could be a potential location for events.
In total there would be 695 student bedrooms in New Era Square, off St Mary’s Road and Bramall Lane, plus 12 private apartments and two penthouses.
Small firms would also be able to set up there in new units that are to be created.
Sheffield-based architects Hadfield Cawkwell Davidson, who are working on the scheme, say: “The economic benefits that the scheme can bring to the city are potentially very great.
“First, finance for the development is coming from China, bringing substantial overseas investment into the city.”
Part of the site is currently vacant, the rest is occupied by a used car dealership, an electroplating works and a Chinese supermarket.
A new and bigger supermarket is part of the scheme.
The area’s already large student population would grow with the development but it is said the site would aim to integrate students into the community.
Aims are to strengthen links with the many Chinese and other businesses - paticularly restaurants - around London Road and capitalise on the number of students arriving from China, Malaysia and Singapore.
The architects add: “The London Road area is already a successful multi-cultural trading area with many excellent shops and restaurants. This development will extend and reinforce the importance of the area, attracting new customers and business.”
Plans have been submitted to Sheffield Council but full details of the proposed development will be given by the investors on Monday.