Bristol City Council has granted detailed planning consent for the scheme, which will see the conversion and transformation of the former Bristol & West Tower and a development of new buildings along Broad Quay and Marsh Street.
The mixed-use scheme aims to combine 'city living, leisure, retail and business opportunities' and bring the important site back into use.
It will feature a new 178-bed, four-star hotel with bedrooms located in the converted tower, dining and conference facilities at ground and first floor level and dual entrances off both Broad Quay and Marsh Street.
Atkins Walters Webster partner Alan Atkins said he was delighted by the news. 'Broad Quay is a highly visible site and important to those who live and work here as well as the many visitors to Bristol.
'The need to improve the former Bristol & West Tower, to respond sensitively to the existing historic buildings in the area and to provide a worthy new piece of townscape in the centre of Bristol presented us with an exciting design opportunity.
'The current buildings have been lying empty for too long and we look forward to seeing work start soon,' he added.