Unite bought the site in central Liverpool, near Lime Street Station, in April 2016. It now has planning consent for a development of 1,085 student bedrooms.
It is anticipated that the new development will be completed by September 2019.
The total development cost, including the cost of the land, is expected to be approximately £70m, the company said.
Unite Students now has a total development pipeline, to be delivered in the next three years, of more than 5,000 beds.