The plans include the demolition of an empty office building at Manors Business Park and the construction of two student developments in its place.
The proposals and designs – which were prepared by Ryder Architecture – would see the construction of 535 bedrooms in 160 apartments over two buildings standing eight- to 12-storeys high.
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The units will include a mix of studio, two-, three-, four-, five- and six-bedroom apartments with access to a student hub, gym, dining room, games room and cinema.
It is expected that the development could contribute £10.7m per annum to the local economy.
Ian Baggett, founder and CEO at Adderstone Group, said: “Discussions with the city planners over a number of years have paved the way for some of the buildings at the park to transition over to residential uses.
“The park is adjacent to Northumbria University campus and perfectly located for student accommodation as well as businesses connected in some way to the university.”