The Hume House project will rise to 114m, making it the tallest building in Yorkshire and North East England.
The site, located on Tower House Street, will provide 752 bedrooms of purpose-built student accommodation, along with a roof terrace on the 35th floor.
At its peak, Hume House will create over 300 construction jobs.
Simon Murray-Twinn, Chief Executive Officer of Olympian Homes, said: “We are excited to see work beginning on Hume House and are delighted to be working with RG Group.
“We awarded the building contract to RG Group on the basis of their expertise, experience and attention to detail. We have enjoyed a positive collaboration throughout the tender process to create a building of which we and the City will be proud of.”
David Dixon, Director of RG Group, said: “The project will be managed from our Yorkshire base using as many regional trades people as possible. We look forward to a successful project for all, and delivering a quality building to sit in the Leeds skyline.”
Olympian Homes, which has been trading for 25 years, has a further 2,000 beds in its student development pipeline across the country.
The company is also the master-developer for a major 7-acre Strategic Regeneration Framework site 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.