Developer JR Smart is planning a 250,000 sq ft project at Cardiff’s Callaghan Square with a gross development value of £100m.
The mixed-use scheme will comprise offices, hotels and residential, and will be dubbed John Street.
The site was previously owned by the Welsh government, which agreed to sell it to JR Smart.
JR Smart also owns a scheme adjacent to the two-acre site, known as Capital Quarter.
The developer sold the first block on Capital Quarter to the Welsh government for £15m in 2013.
The devolved administration has played a controversial role in boosting the Welsh capital’s office stock, but this summer announced it was to step back from frontline development and sell its Callaghan Square holdings.
Economy minister Edwina Hart said: “I am delighted to see the private sector is maintaining the momentum and continuing to invest in the Central Cardiff Enterprise Zone to ensure it delivers new jobs, attracts new investment and provides a great environment for business growth.
“JR Smart has made significant investment in the Enterprise Zone which is making a major contribution towards creating one of the UK’s premier locations for business, with a specific focus on the financial and professional services sector.”
JR Smart chairman John Smart said: “As a business, we are passionate supporters of Cardiff as a location and we are delighted with this latest acquisition. We have been working hard and enjoyed good success on our neighbouring Capital Quarter scheme and see John Street as a natural continuation of this.”
A planning application for the development is expected to be lodged in 2016, with work on site planned for late the same year.
Knight Frank represented JR Smart on the acquisition.
