Portswood Shopping Centre was sold to real estate company Tri7 for £10m at the start of the year.
Ten months on since the purchase, the company is keen to transform the retail complex into a five-storey block of flats with added shops.
The site, opposite Waitrose, could be repurposed to home around 506 students and provide space suitable for local businesses.
If approved, developers are also keen to create a wider pavement on the high street to facilitate the building.
The proposals for the existing Portswood Shopping Centre (Image: Fusion Group)The consultation was launched by Tri7, in conjunction with student housing group Fusion, on October 19.
The news comes amid the controversial Portswood Broadway scheme, which was unanimously voted in by Southampton City Council’s cabinet in January.
It will see part of the high street pedestrianised and used as a bus gate.
Despite this, Tri7 and Fusion said their design for the student block will “improve the experience of people as they approach Portswood Road either on foot or car”.
Developers said the aim is to provide an “attractive gateway” at the southern end of the high street, with retail amenities for all to use, as well as the student accommodation.
They added: “New retail spaces will be offered along Portswood Road, creating an inviting atmosphere that seamlessly integrates the development with the surrounding neighbourhood and improves the current offer.”
READ MORE: Controversial Portswood Broadway plans approved amid cries of ‘are you insane?’
They also propose to remove the existing junction at the entrance of the shopping centre.
This would be replaced with a “public realm” which includes raised planters and seating.
Developers said: “The landscape vision across the development looks to maximise planting and green spaces to the rear of the site whilst also providing various pockets of space for the students to socialise, play and exercise.”
Speaking at the first public exhibition of the plans, held at October Books on October 19, a spokesperson from Fusion said: “We are very grateful to anyone who has taken the time to engage with our proposal so far.
“We are looking forward to talking to more residents and businesses over the course of today’s exhibition, along with the exhibition being held from 4pm on October 24, at October Books.
“We would like to encourage anyone who lives and works in the area to send us their comments by November 4.”
Email portswood@redwoodconsulting.co.uk to send comments, or phone 07515 050335 with any queries.
The deadline for feedback is 9am on November 4.
Developers plan to submit their proposals in December, with an estimated timeline of five years until completion, if successful.