The site is to be levelled, cleared and will pave the way for a proposed £73 million regeneration project by Coventry University and Barberry Developments.
Plans to create student accommodation buildings, courtyards and gardens at the site are due to be submitted before the end of the year.
Other features include a frontage onto Bishop Street and Tower Street, including retail units which will be open to the public.
Barberry Developments will oversee the demolition and clearance work, to be undertaken by contractor DSM.
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The demolition works are set to be completed by February 2016 and the development will be completed in time for the new 2018/19 academic year.
Coventry University’s Deputy Vice-Chancellor David Soutter said: "We have been in discussions with planners and in consultation with local people and stakeholders about our vision for this site and will be bringing forward a planning application in due course.
"It is well documented that this site has been empty for the last four or five years, but we believe our plans will see a total transformation which will bring not only a vastly improved environment but also some much-needed vitality and activity.
"We want to provide a range of high-quality accommodation for around 1,200 of our students and to create courtyards and gardens. We want the area to be a fully-integrated part of the city centre so we will be including some convenience-style retail which will be available to everyone.
"The student facilities will include a staffed reception, open multi-use areas, study areas, seminar rooms, a gym and laundry room."
(LM/CD)
