A disused office, a mid-20th-century house and a vacant car park in Castilian Street could all be demolished to make way for 95 studio and one-bedroom flats.
The estimated £8.8million build was put to the borough council's planning board on Monday (February 25).
It would mean demolishing 41-43 Derngate, which is a mid-20th-Century house, and a vacant office at 2 Castilian Street.
This would make way for the six-storey aluminium-finish block with 83 one-bed apartments and 16 studio flats.
A design statement for the development by Rickett Architects says: "This is an opportunity to provide high-density housing within Northampton Central Area and encourage young professionals to take residents in the Central Area."
The statement also claims it would help the borough council hit a target to increase the town centre's population by 50 per cent 2026.