It is proposed that the site will be complemented with an extensive park area in front of the buildings.
The project team recently undertook a second community consultation on the proposals reflecting the comments from the initial consultation undertaken in October last year.
Robertson intends to submit a planning application to Fife Council later this summer, and should planning permission be granted, the target opening date is autumn 2020.
The firm is closing legal negotiations with occupiers and funders, and the planning application for the development will be submitted to Fife Council later this summer.
The development meets the demand for a mid-market (3 star) hotel accommodation in St Andrews and complements the university’s desire for managed purpose-built accommodation to support student growth in the town.
The targeted opening for the development is Autumn 2020.
Ross McNulty, development director for Robertson Property, said: “The proposed development meets the clear and identified demand for increased provision of a mid-market hotel and student accommodation in St Andrews. Since we presented our initial proposals to the local community we have revised the development layout to reflect feedback received.
“We welcome participation from all sectors of the community and remain committed to keeping the public informed and engaged as the planning process moves on to the next stage.”