Work will start next month on the site of the former Palm Court Hotel opposite the waterfront.
The six-storey building will include 14 holiday apartments, 12 private luxury residential apartments, two penthouse residential suites and four new high quality restaurants.
The project’s design has been influenced by the modernist style of early 20th century British seaside architecture.
Construction is scheduled to start on site at the end of June 2012 and take approximately 18 months to complete.