The University of Reading has submitted plans to redevelop a large part of its land in the centre of the town.
It owns several buildings, including five listed ones, as well as a large plot of brownfield land on London Road.
The historic buildings have become very dilapidated and need substantial repairs, which will be funded by the sale of brownfield land to developers.
The university said it would work with the borough council to create more than 150 new homes through the plans.
'Dilapidated site'
David Savage, director of finance and corporate services at the university, said the development was set to "enhance the local area".
"[It would] make the best use of land which is currently scrubland, as well as preserving some lovely historic and listed buildings which form part of our history as well as that of the town.
"This is a great opportunity to offer some urban regeneration on a site which has become somewhat dilapidated, as well as offer affordable homes in an area where this is sometimes difficult."
The London Road campus formed the original core of the university from the1920s until the main operation moved to the Whiteknights campus 30 years later.