Close to Richard Rogers' proposed landmark pedestrian bridge, the scheme will reach to 10 storeys on its site, bounded by Commerce and West Streets, in central Glasgow.
The development will include about 1,000 apartments and incorporate the listed Kingston House.
The city council's development and regeneration committee, upon approving the scheme, said: 'The proposal will regenerate and revitalise this area- as well as act as a catalyst for future development.'
The project is also to include 8,500m 2of shops, restaurants, offices, cafés and a crèche.
Glasgow-based Anderson Bell + Christie, Dublin-based OMS Architects, as well as McAslan, each designed buildings on the site.
FPDSavills acted as planning consultant.