The residential-led development will replace a 1920s former NatWest bank building - currently occupied by the Princes Trust - which is to be demolished to make way for the 26-home project in City Road.
The apartments will range in size from one bedroom flats to four bedroom homes and the scheme will also provide 930m 2of offices as well as a restaurant on the ground floor.
Backed by developers London & Newcastle and Rugby Estates, the building has been designed to have a white rendered shell overclad in a dark-grey cement fibreboard.
This frame will boast an assortment of coloured highlights - a variety of tints picked from either a 'hot' or a 'cold' palette.
Project director David Bickle said: 'We have been playful with the colours.
'It is a device for changing the appearance of the building as you walk past it.'
He added: 'As you move towards the City the building appears in the warm colours - and as you head to Islington you will see the cool colours.'
The scheme was originally handed planning approval last December and now that the section 106 agreement has been signed, work is expected to start on site imminently.
Completion is due in 2008.