Knightsbridge Student Housing has received planning permission for a 22-storey scheme of 507 flats for use by Plymouth University students.
The development, named Beckley Court, will be located at the northern end of Armada Way. Upon completion, it will be the tallest building in Plymouth.
Construction is due to commence in the summer of 2015 and be completed in time for the first students to move in in September 2017.
Bob Crompton, chief executive of Knightsbridge Student Housing, said: “We are delighted to have received consent to develop our second building in Plymouth. It has been a pleasure to work with Plymouth city council over the past year to develop our proposals.
“The Plymouth people have been extremely positive about our Astor House development which opened in 2013, and we look forward to providing another landmark building in the city.”