Union Street Limited, a Gibraltar-based developer, has submitted plans to Sheffield City Council for the redevelopment of Midcity House, on a site between Pinstone Street, Furnival Gate and Union Street.
The proposal includes the demolition of the existing four-storey concrete-clad building consisting of ground-floor retail, bar, offices and limited student accommodation above.
In its place would be three blocks, up to 25-storeys high, with four ground-floor retail units and 271 dwellings above for the build-to-rent market.
The site once stood on the boundary of old Sheffield Moor, part of a field in 1736, and occupied by houses, shops, workshops and yards by 1771.
Most of the properties survived until 1853 but had been demolished by the late nineteenth-century.
In later times it was occupied by the Nelson Public House, Cambridge Arcade and a series of shops, with most buildings replaced in the 1960s with the present structure.