'The Castings' scheme consists of four stepped building elements rising to 25 storeys with smaller components at 7, 14 and 20 storeys.
The project to be built on a one-acre site on Heyrod Street near to the planned HS2 station has been designed architect CallisonRTKL, with support from Arcadis, M&E engineer Crookes Walker and Curtins.
It will include a mix of studio, one-, two-, and three-bedroom apartments, as well as 10,000 sq ft of retail and amenity space, a public square and car park.
Russell Construction is understood to have had talks about building the blocks which could cost up to £80m to deliver.
Mark Woodrow, joint managing director of Packaged Living said: "The Castings is the next exciting BTR scheme in our pipeline, which is now delivering over 3,000 homes in the multi-family sector across the UK.
"The scheme represents a fantastic opportunity to create next-generation homes developed by an experienced team, at a time where vital investment is needed into our city centres."