Fire raged through Trash and The Shack a decade ago but now Omni Developments has lodged plans with Glasgow City Council to develop the Bath Street site.
The firm says the develop-ment will be a new approach to student accommodation and will have social responsibility at its heart.
The plans include up to 320 studio and cluster flats with more than 1200sq m of flexible social space.
There will also be commercial space on the ground and lower ground floors which will be suitable for shops, food and drink outlets or a gym. Omni says the social and amenity spaces are designed to help create a vibrant student community.
A company spokesman said: "We are aware there is an urgent need for student accommodation in Glasgow and we hope our plans can help meet the demand.
"Our approach to student accommodation means our designs are specifically tailored to reflect local needs and we aim to create a community within.
"The atrium at the heart of the building will be a flexible social space which will lead to a happier calmer environ-ment for the students who live there. We understand the importance of creating social and functional spaces that form a key component to support a successful student community.
"Our approach is supported by Unipol, a charity dedicated to promoting high-quality student accommodation.
"We hope our plans will regenerate an area which has remained a derelict gap site since 2004."