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.
A student housing developer is planning to build around 150 apartments on the Dublin Road in south Belfast.