Student flats holding more than 250 bedrooms could be built as part of plans to regenerate the area around part of the Grand Union Canal in Leamington.
Althorpe Street Developments Ltd want to construct three large buildings for student accommodation and employment, as well as open space for the public in the project next to the canal by Althorpe Street in south Leamington.
The ground floor of the buildings are set to be used for employment, while the above floors will have 273 bedrooms for students across the three buildings.
The employment units are set to be a mix of workshops and office space.
A 'community unit' is also planned, but the developers are not yet sure what its exact function will be.
The group was formed by businesses based in Althorpe Street, who expressed mutual concern over the future of the area.
Charles Robinson, Planning Associate at Rickett Architects who designed the scheme, said the area : "We’re proud of our town. We want to address some key issues and make better use of the resources we have by providing employment space, public space and accommodation.
"Local residents have a right to feel safe. This development will not only give peace of mind but has been designed to enhance direct pedestrian access to the canal side for members of the public.
"We hope to create a ripple effect that will continue through the canal side and open up more regeneration opportunities for the benefit of all.”
A public consultation will take place on Thursday May 31 at the Conservatory in the Royal Pump Rooms from 2pm until 8pm where residents will be invited to view and comment on the proposed development.
Warwick district councillor or Brunswick ward Cllr Kristie Naimo said:"There have been rumours and concerns about proposals for Althorpe Street for some time which we have been following closely. It appears this development company have finally decided to go public and consult on their plans.
"We know that residents are very concerned about any proposals for more student accommodation in south Leamington and this is not in keeping with the council's policies for the area. I'd urge everyone to attend the public consultation to find out more."
The plans will be submitted to Warwick District Council at the end of June at the earliest.