Property developer Summix has submitted the application for the 91-bed development, which is within the Edinburgh World Heritage Site.
The 91 student units will be in a mix of clusters and studios; other facilities will include community space, student common areas, a laundry and cycle parking. The scheme will be adjacent to the new Waverley development, now under construction.
The design draws on the existing fabric of currently neglected and redundant buildings on the site.
Stuart Black from Summix said: “We are delighted to submit this application for high-quality student accommodation which will serve to regenerate this rather neglected part of the Old Town through careful redevelopment. Great attention has been taken to implement a design-led approach which delivers a final piece of the jigsaw in this World Heritage Site and Conservation area.
“The development also serves to address the increasing demand for student accommodation, fulfilling the ambitious growth plans of universities in the city, which are key drivers of the economy. It also serves to reduce pressure on the private housing market as well as delivering a substantial amount in additional expenditure into the local economy.”