Developers PPG Leeds want to demolish King House on Regent Street in the Mabgate area, to make way for new accommodation for undergrads.
The building is currently used by an antique dealers.
But a planning application submitted to the city council requests permission to build an 11-storey tower, with 402 “self-contained” flats.
Communal facilities within would include a gym and yoga studio, a cinema room, a gaming zone and a quiet study zone.
A lounge area, meeting rooms and laundry facilities would also be installed as part of the proposed scheme.
A storage area for 122 bikes would be created, though there will be no car parking space.
In their planning statement, the developers said the plans would help reduce pressure on existing housing stock, adding, “The high quality design of this scheme will facilitate the continued regeneration of the Mabgate area of Leeds.”
PPG Leeds also said it would engage with neighbours of the site and seek to work with any objectors to the scheme.
They said: “It is recognised that proposals for student accommodation can prompt concern amongst existing local residents, of both housing and commercial premises.
“To address potential concerns the applicant has submitted a draft student management plan which sets out how the development will be managed, with proposals for regular ongoing engagement with the local community, recognising that there are a number of close residential neighbours.”
The idea is likely to go before the council’s plans panel at a later date.