The 22-storey Beckley Court scheme is to be built for property developer Threesixty Developments.
At 78 metres high, the development will become Plymouth's tallest building.
It will provide 507 beds across nearly 165,000 sq ft of accommodation, featuring a mixture of cluster flats, studios and two-bedroom flats with commercial space on the lower ground and ground floors.
In addition, it will also feature a management suite, reception area, common rooms and laundrette.
Kier is currently demolishing an existing six-storey structure to make way for the new building.
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Anthony Irving, Kier's MD for the south-west and Wales, said: "This landmark project, which will be one of the tallest buildings in the south-west, is a significant win for our Devon and Cornwall team, and forms a key part of Vision 2020, Kier's strategy for growth.
"The delivery of this major flagship project will require around 200 people working on site at its peak, which means it's also an important scheme for Plymouth and the city's economy, creating valuable employment and training opportunities in our local supply chain."
CEO of Threesixty Developments, Bob Crompton, said: "We're very happy to be working with Kier on this project; the new building will be an important development for Plymouth as it's a key landmark site for those that enter the city. The city planners were especially keen to have a building of architectural quality in that location and we worked very hard with them to design something that would be fitting."
Construction is expected to begin at the end of November and be completed for students to move in for September 2017.
(LM/CD)
