It is part of the South Bank Regeneration in Holbeck, which is focused on restoring older buildings and the redevelopment of disused land.
National developer McLaren Living has submitted £85m plans to build a new scheme on the site of a car park in Water Lane.
The development will be 375 build-to-rent homes, with communal and co-working spaces.
It will feature residents’ lounges, shared workspaces, gym, and events areas, with roof gardens on the 1st, 9th, and 14th floors.
At ground level there will be gardens with a rich biodiverse mix of plants, while within the building a vibrant concierge area will provide a welcoming space to sit, relax and meet, which also connects to the residents’ gym.
The first-floor flexible amenity space connects directly to extensively landscaped communal space, along with co-working space, private dining area, and a spinning/ yoga studio, creating an integral part of residents’ experience and communal life.
The proposals include 226 resident cycle spaces, a provision for 38 visitor bikes and 51 car parking spaces.
Managing Director of McLaren Living, Matthew Biddle, said: “We’re extremely excited to be working with Leeds City Council to deliver this landmark development to bring forward high quality yet attainable new homes in this highly accessible location.
“We are committed to Leeds, it is a well-connected city, with fantastic retail, leisure amenity and a growing reputation as an attractive headquarters location, resulting in huge potential for investment and growth.
"We’re currently bringing forward two Build-to-Rent schemes in the city, with our well-located rented accommodation expected to receive strong resident demand, due to the continued popularity of the city.
“Water Lane is an excellent example of the high-quality residential schemes we are known for delivering, focused on the resident experience, while ensuring we bring forward a sustainable and thriving new neighbourhood.”
The residential scheme has been designed by Carey Jones Chapman Tolcher (CJCT).
McLaren recently established a full-time presence in the North of England by taking office space in Greek Street.
The company is already active in the Leeds market with developments worth around £700 million in progress.
Already under construction is a 473-bed student accommodation scheme on the site of the Leonardo printworks in 2 Rossington Street.
Support the YEP and become a subscriber today. Enjoy unlimited access to local news and the latest on Leeds United. With a digital subscription, you see fewer ads, enjoy faster load times, and get access to exclusive newsletters and content. Click here to subscribe.