A report produced by the council’s director of transport recommends stopping cars from going through Isambard Kingdom Road.
The move would enable the redevelopment of the Chaucer House site into two Unite accommodation towers with 484 rooms over 12,081sqm.
The developer is seeking to occupy part of the highway currently used as a footway and bus lane on the south side of Isambard Brunel Road, so that it can set up a site compound for the works.
Construction is expected to take place over the next 2 years and the complex will be completed and available to University of Portsmouth students in time for the start of the 2018 academic year.
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The road would be closed to general traffic but kept open for buses, hackney carriages, bikes and emergency service vehicles.
A decision over the plans will be made at a meeting to be chaired by Portsmouth Tory traffic boss, Cllr Jim Fleming, on Thursday, September 29 in Portsmouth Guildhall.