The developer has submitted a revised planning application for the final site in the Liverpool One masterplan, with 331 student studio apartments proposed for the Seel Street plot.
The new planning application sees an increase in the number of student flats from 305, and additional on-site facilities such as a gym, cinema and roof terraces added to all blocks, some with views over Liverpool's waterfront.
The scheme will include retail and leisure space available on the ground floor.
If planning is granted on the revised plans the student accommodation block is due to be completed by September 2015.
Work has already started on ground works for the development.
The scheme was designed by Manchester-based Formroom Architects.
Tim Groom, practice principal at Formroom, said: "The project has been a long time in the making but we're delighted it's finally moving forward. We have reworked the scheme from what previously had approval and have spent a lot of time with X1, Vermont and Liverpool City Council to raise the standard of what this site can provide. It's been a really positive process."
Mark Connor from Vermont Construction, contractor on the project, said: "We have increased the external quality even further from what was already a highly specified building and have revisited how the development knits in to the Ropewalks and improves permeability through the site. The additional facilities together with the superb location make this one of the premier addresses in Liverpool and we look forward to finishing the scheme."