It is a joint venture between Lacuna Developments, based in Holywood, County Down, and the Welsh firm Watkin Jones.
They have bought the former Willis insurance offices, close to the junction with Botanic Avenue.
The same joint venture is currently converting the former Belfast Metropolitan College building at College Square East into student flats.
It is also planning a student development at the former Athletic Stores building in the city centre.
There are currently plans for more than 4,000 student 'beds' to be developed in Belfast over the next few years.
The latest application, which was filed last week, is for more than 700 units in a development on Donegall Street.
It will form part of the bigger Northside regeneration scheme which includes a hotel, social housing and commercial space.
Most of the planned student accommodation is on the northern edge of the city centre, close to the new campus of the Ulster University.
The latest Watkin Jones/ Lacuna plan is the first private sector scheme close to Queens University, Belfast.
The scheme represents an investment of around Â£10m and the developers are aiming to deliver it by September 2017.
It will be managed by Fresh Student Living, which is involved with the other two schemes.

The 19-year-old woman was attacked between 20:30 and 21:00 on Wednesday.
Officers cordoned off an area of the park as part of their investigation, and were believed to be following a positive line of inquiry.
Anyone with information was asked to contact Police Scotland.

Former organiser The British Heart Foundation announced last week it was pulling out due to the Â£40,000 event no longer being viable.
However the council says it is "pulling out the stops" to ensure the fundraiser goes ahead as planned on 11 October.
The Save the Children charity has also announced it could "take up the baton", but only with financial support.
The council was working to reduce the cost through options such as changing the route or moving it to a completely different venue, such as Lydiard Park.
Last year, the race attracted more than 1,500 runners.

The council has been consulting on a new protection order which would ban dogs from play areas and sports pitches, and require them to be kept on leads on public roads and pavements.
The RSPCA said the order could create a "negative view of dog ownership".
Wrexham council said it recognised that dogs must have space to exercise and the recommendations allow this on informal open space and country parks.
The council currently has three dog control orders and wants to replace them with a new Public Spaces and Protection Order (PSPO).
The order recommends:
Responding to the consultation, the RSPCA said banning dogs from sport pitches was "restrictive," especially if there was no other spaces nearby.
It said dogs need to have exercise off the lead, allowing them to express "their normal behaviour".
The charity recognised that dog faeces can be "a nuisance" to people that use the pitches, but said it can be removed.
"Imposing the restriction would punish responsible dog owners," it said.
Councils were given powers to introduce PSPOs in the Anti-Social Behaviour, Crime and Policing Act 2014.
RSPCA Cymru public affairs manager Paul Smith said: "We don't want these powers to accidentally create a negative view of dog ownership by implementing undue restrictions, or inadvertently demonise responsible dog owners."
Councillor David Bithell, Wrexham council's lead member for environment and transport, said they have had "an extensive consultation" and listened to all views about the proposed PSPO.
"Dogs have been excluded on marked sports pitches since 2009, and we recognise that dogs must have space to exercise," he said.
"The recommendations allow this on informal open space and country parks, although around the visitors areas and car parks, we are asking that they are put on a lead."
A student housing developer is planning to build around 150 apartments on the Dublin Road in south Belfast.
[NEXT_CONCEPT]
Police are investigating the rape of a woman in Queens Park in Glasgow's Southside.
[NEXT_CONCEPT]
Swindon's half marathon could still be saved for the long-term by reducing its cost, the borough council has said.
[NEXT_CONCEPT]
The RSPCA is urging Wrexham council not to "demonise" responsible dog owners.