The decision comes after Leeds City Council gave the project the thumbs up on Thursday.
Olympian Homes is presently in negotiations with an un-named contractor about building the tower.
The 37-storey building, located on Tower House Street, will provide 752 student bedrooms, along with a roof terrace on the 35th floor.
Simon Murray-Twinn, chief executive officer of Olympian Homes said: “We are very excited with the opportunity to add this striking building to the skyline of Leeds city centre and to contribute to the continual growth of the City.
“We intend to start works on site this year and will create up to 450 jobs during the construction phase along with local apprenticeship schemes as part of our investment in the area.”
Olympian Homes has been trading for over 25 years and has previously delivered schemes to key student markets in London, Oxford and Belfast.
The company has a further 2,000 student beds in the development pipeline across the UK, which are expected to start on site later this year.
Olympian is also the master-developer for the delivery of a major 7 acre Strategic Regeneration Framework adjacent to the new HS2 terminal building in Manchester city centre, with the first phase of residential development expected to start by the end of the year.