Maghull Developments has submitted revised plans for a major development on the corner of Hope Street and Myrtle Street in the Georgian district of Liverpool city centre.
The scheme would contain 350 student flats and 15,000 sq ft of retail and leisure space in seven units. Architects Falconer Chester Hall designed the development, which replaces pre-recession plans by Maghull.
The site was acquired by Maghull in 2006 as part of a portfolio from Liverpool John Moores University to enable it to build new teaching facilities nearby, chiefly its art and design academy on Brownlow Hill.
Adam Hall, managing director of FCH, said: "It's a design we have worked on in detail with Liverpool City Council officers and they are very excited about it. It's a high quality design that respects its very sensitive setting partly within a conservation area.
"We have listened to heritage agencies and stakeholders to address concerns associated with previous proposals for the site. One of the big pluses will be the creation of a new high quality public space that can be enjoyed by the local community and will add to the animation and ambience of Hope Street. We are also delighted to be bringing back the Hugh Stowell Brown statue to its rightful place and celebrating an important figure in Liverpool's history and someone who embodies its reforming and radical spirit."
The restored statue of celebrated Liverpool preacher and social reformer Hugh Stowell Brown would be situated at the entrance to the new square. That statue originally stood on Myrtle Street but was removed when the church he preached at closed in 1939. After being relocated to Princes Park it was taken down again in 1988 and has remained out of public view ever since.
Further consultation and engagement with local stakeholders will take place before the application is heard.
Mark Parker, projects director of Maghull Group, said: "We believe this scheme is sympathetic to its surroundings and complements Hope Street's identity as a vibrant and creative destination at the heart of Liverpool's University Quarter."
The Maghull Group is currently in advanced negotiations with a national student accommodation operator, and if this scheme is approved, aims to be on site by summer 2013 in order to complete the development in time for the September 2014 student intake.