The Waterfront South project in Walsall will include 44 one and two-bedroom apartments.
The £5 million pound development has been designed by S P Faizey Chartered Architects and it will have vehicle access from Charles Street.
The development would complete the wider project after years of work.
The development already includes a £65m training centre for young entrepreneurs as well as 300 new homes, a £10m Premier Inn hotel and a specialist maternity centre which caters for up to 1,000 women a year.
Cannock-based developers Jessup have submitted the application for the housing scheme in partnership with Walsall Housing Group and work is expected to begin in early 2015.
Director Clive Jessup said: "We are delighted to have the opportunity to apply for planning permission for this much needed facility which will provide a positive addition to our major regeneration project at Waterfront South.
"We look forward to working with our partners Walsall Housing Group to deliver this final phase of our canalside development."
Elsewhere in the town, work has already started on a £400m leisure and business development.
The Gigaport project is set to host a cinema, pharmacy and office blocks to create a 'business corridor' through the town.
Jhoots Pharmacy will create 30 jobs with its £3.2m development.
The new 20,000 sq ft headquarters in Walsall town centre will form part of the one-and-a-half acre site and aid with the expansion of the business.
A multi-million pound cinema complex will also be built and is due to be completed by around May next year.
The £64m Walsall College Wisemore campus was the first development to take shape as part of the project.
It opened its doors in September 2009 after more than 18 months of construction.
The new business and enterprise hub will include a community sports facility, including a sports hall, gymnasium and dance studios.
Mark Tranter, head of development for Walsall Housing Group, said: "The well-being scheme will provide new apartments for persons over 55 offering independent living with additional support if required.
"We hope that subject to Homes and Communities Agency funding that we will start on site in early 2015."