The mixed-use development will comprise key worker and student accommodation on the site of the former Erskine Industrial Estate.
Accommodation will be available for hospital staff working at the new £450m Royal Hospital next door, as well as new homes for student nurses and doctors.
The development will boast yoga studios, gym, and bar.
Elliot Lawless of Elliot Group, said: “We’re working with Forrest on our Residence project in Manchester and I’ve been very impressed with their focus and approach.
“This is a big project on an island site with some key neighbours, so having a developer who can add value to how we manage our stakeholder relationships was a key consideration.”
The Falconer Chester Hall-designed scheme will rise to 14 storeys at its highest point and comprises two buildings tied together by comprehensive public realm incorporating mature planting. It will provide 142 one and two bedroom apartments for rent, and 1007 student rooms.
Site hoarding and preparation is currently underway.