Existing flats will be demolished and replaced by six blocks ranging from four to 10 storeys.
The Richardson Road student accommodation project will provide 1279 ensuite bedrooms, a 351 increase in student bed spaces on the site.
The project is being procured as a two-stage process with Galliford Try Building due to sign a full building contract at a later date for the 29-month project, which will be delivered to BIM Level 2.
Demolition of the existing flats, which were built in the 1970s, will start this summer with the new halls set to open for students in September 2018.
Paul Bandeen, Head of Residences at Newcastle University, said: “Our student numbers have grown by 25% over the last 10 years and the increase in rooms will allow us to meet both this existing need and future demand.
“Students make a significant contribution to the city’s economy, and a great number of them have a positive effect on the local community through their voluntary work. The increase in accommodation will allow us to welcome more students to Newcastle, which will help the city and region prosper economically and grow as a community”.