It is the developer’s first project in the south west and will see the grade II-listed waterfront building restored in the city centre.
City & Country said its proposals will generated over £170m of economic activity in Bristol, including a significant number of new jobs created during the construction programme.
Chief executive of City & Country Group Helen Moore said the planning decision was a “clear vote of confidence” in its vision to regenerate the Bathurst Basin landmark building.
A previous planning application was refused in August after Bristol City Council said the developer needed to make more of a contribution to the community.
But the section 106 dispute is now understood to have been resolved.
The plan also includes building a new 8-storey building on spare land on the site.