The university is hoping to begin work on the development later this year and complete in 2015.
If it gets planning permission, the new building will house the Sheffield Institute of Education and part of the Faculty of Development and Society.
It will be on the corner of Charles Street and Arundel Gate in the city, standing seven storeys high in places, with several outside terraced areas. A special 'Toast Rack' bridge based on David Mellor's classic design will connect it to the university's existing Arundel Building.
A public walkway through a glass atrium on Brown Lane is also designed into the scheme.
The development includes a 300+ seat lecture theatre, classrooms, staff rooms, a cafe and a reception area.
The new plans take into account some revisions to the design of the building after planning permission was initially approved in 2010.
Mark Swales, the university's director of estates and facilities, said: "This is part of a £100m investment in our estate over three years. It's pivotal to improving the student experience at Sheffield Hallam and is a significant development in the heart of the city centre.
"We have worked closely with Bond Bryan architects and planners to produce a design which incorporates the heritage of the local area, but also reflects the forward thinking values of the university."
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