The long-term plans for the popular Washington Street venue also include a supporting café/bar, basement and associated facilities.
According to plans lodged with City Hall, the student accommodation which will be above the cinema is anticipated to be utilised for tourist or visitor accommodation only outside of academic term times.
Seventeen-bed spaces along with a roof garden terrace and all associated student accommodation ancillary spaces are also detailed in the plans which are in the pre-validation stage.
The news follows the recent reopening of the venue in September, by The Good Room promoters Ed O'Leary and Joe Kelly, after a significant closure period.
Kino owner Philip O'Connor toldthat the redevelopment is more of a longterm plan and that the venue will remain as is for a number of years whilst The Good Room sees their lease out.
In a statement issued by The Good Room they said:
"We would like to acknowledge that a planning application has been submitted by the owner.
"This is a long term plan and we knew about it.
"Nothing will be happening for many years.
"We will be here for the foreseeable future, we are not closing and are very much open for business."
Originally owned by Mick Hannigan who converted a pool hall into the arthouse cinema in 1996, the venue which ran for 13 years and was ahead of its time in screening independent films.
The venue's signage attached to the side of the building became a fixture of Cork's skyline. More recently the building has regularly featured eyecatching artistic murals.
The Kino showed a wide range of foreign, independent and art house films. It was the only venue for cinema-goers in Munster to see oscar winners such as Shine, Life is Beautiful and Crouching Tiger, Hidden Dragon as well as acclaimed films such as Buena Vista Social Club, Memento, Boogie Nights and Donnie Darko.
Despite a large campaign to save the venue, The Kino closed its doors as an independent cinema in 2009.
Since then the venue has continued to operate as an arts venue featuring various acts and events recently gigs that formed part of the Sounds for Safe Harbour, Cork Podcast and Guinness Cork Jazz festivals.
The owner Philip O'Connor has now lodged plans with Cork City Council to redevelop the site with a planning decision expected before the end of the year.