The development will provide 272 one and two-bedroom flats in a 30-storey tower at Guildford Crescent in Cardiff.
As well as being a new landmark in the city, the development will act as a catalyst for Cardiff Council’s proposed Canal Quarter regeneration plans.
The building will include a fitness studio, games room and resident lounge, along with flexible workspace and bookable private dining areas.
Residents will also benefit from a roof top landscaped terrace on the 27th floor providing panoramic views across Cardiff Bay, the city centre and to the countryside beyond.
Phil Harris, Director for Galliford Try Investments, said: “We look forward to starting on site in 2022 and working with all the stakeholders involved to provide much-needed high-quality rental accommodation for local people.”
Derek Rapport, Chairman of The Marcol Estate, said: “As well as creating a stunning building in its own right, this development will kick- start the regeneration of the Canal Quarter, an area of Cardiff to which we have a long-term commitment.”