Liverpool City Council’s planning committee is set to rule on the plans in early September.
The scheme incorporates a mixture of uses with residential, commercial, leisure and retail spaces all contained within the blocks that wrap around two sides of the square and include a new passageway through to Seel Street.
The plans would see the creation of more than 447 studio and one-bed apartments.
Elliot Lawless of Elliot Group said that rising demand for city centre living was driving up rents, enabling developers to invest in the quality of their product.
He said: “As Liverpool grows more prosperous residents want to express that in the quality of their homes. Even those seeking studio apartments demand the highest levels of design, fit-out and gadgetry and this development will take the market to the next level.”
Elliot Group recently commenced ground investigation works on the £130m Heap’s Mill scheme and site clearance on its £25m Queensland Place student housing project, both in Liverpool.