The proposed scheme from ExtraCare Charitable Trust will be located on the site of the former Coventry Technical College at the Butts and will stand on 1.5ha of land.
The development will contain 262 self-contained flats overlooking landscaped areas with trees, grass and shrub beds. These will wrap around a restaurant, library, café bar and external bowling green.
A planning application for the development is set to be decided in the spring and, if successful, construction could start later this year and completed in 2015.
Councillor Ann Lucas said: "It is wonderful ExtraCare are now looking to invest further in the city and offer an alternative that is not currently available in the city."