Developer Packaged Living aims to build the major new rental flats blocks on a 1.5-acre site alongside the river Tyne.
Known as Quayside 12, the scheme will be targeting net zero carbon construction and selecting low embodied carbon in specified building targets.
The brownfield site is the last remaining plot of the 1990’s Farrell Masterplan and it will be fully remediated prior to build, having been vacant for over 30 years.
Quayside 12 will be the largest build-to-rent scheme in Newcastle and will consist of a range of studios, 1, 2 and 3 bed apartments purposely designed for the rental market.
As well as bringing much-needed housing to Newcastle, the scheme will also deliver other key benefits to the city including the creation of over 700 construction jobs.
Mark Woodrow, managing director of Packaged Living said: “We are delighted to have reached this important milestone in our delivery of an iconic building at the heart of Newcastle’s quayside.
“The scheme will provide much needed quality, purpose-built rental homes to Newcastle. We look forward to a start on site by Q4 this year.”