The proposed Anchorworks scheme is being developed by a joint venture between real estate investment firm Angelo Gordon and residential investor and operator Ridgeback Group.
It is the latest residential scheme planned for the Dumballs Road regeneration area close to the city centre and just yards from Cardiff Central Railway Station.
The scheme, which will range in height from seven to 15 storeys, also includes vital low carbon infrastructure, with electric vehicle charging points and solar panels.
Delivered over two phases, the development is scheduled to be completed in October 2024.
Conor Bray, Chief Operating Officer, United Living Group, said the builder was accelerating its growth into the build to rent sector with over £300m worth of schemes in the pipeline, due to commence construction next year.
He said: “This contract award is an exciting addition to United Living Group’s growing portfolio of large-scale development projects.
“Cardiff is a thriving city that is growing and needs new, good quality housing to meet demand and we look forward to playing a central role in creating much-needed new homes that residents will be proud to call home.”