The 162-apartment scheme, which will become the city's tallest building, is to be developed at Rutherford Street.
Designed by FaulknerBrowns Architects, the project will rejuvenate a former derelict warehouse site while incorporating significant public realm improvements.
Keith McDougall, Director at All Saints Living, which will develop the skyscraper and market the apartments, said: "We are extremely excited to be playing such a key role in this landmark development. It heralds a significant shift in our business direction, with an increased emphasis on building for the private rented sector.
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"Around one sixth of people in the UK live in privately rented homes and that is expected to grow significantly in the coming years. With this in mind, as well as this venture, we are developing similar initiatives in Warrington and Milton Keynes."
David Thompson, Regional Director of Tolent, said: "We have a great history in the city and are extremely excited to be involved in the project at Rutherford Street. We are well-versed in delivering construction projects in challenging, urban areas and will ensure all works are undertaken with minimal disruption to the surrounding area."
(LM/MH)
