The residential element includes 247 new homes consisting of studio, one- and two-bed flats.
The student scheme will comprise studios, cluster flats and townhouses creating 658 student beds.
The proposed development – which is close to the University of Sheffield main campus – will make the Grade II-listed cementation furnace on the site the focal point.
The scheme has been designed by Jefferson Sheard Architects, with Mace being advised on planning by CBRE.
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David Grover, chief operating officer for development at Mace, said: “Sheffield’s industrial heritage is a key part of its history, and the iconic cementation furnace on this site is a fantastic example of how important it is to preserve that legacy.
“I’m pleased that the council has recognised the potential of this scheme, and the importance of bringing forward much-needed, high-quality homes and modern, attractive student accommodation for Sheffield city centre.”