Murray's Exchange, the site of the former Murray's Tobacco Factory, is the third significant student housing project in Belfast, the brainchild of Irish businessman Elkstone.
Elkstone stated that even once current planning system developments are finished, there would still be a projected 6,000 room shortage for student housing, which the program will solve.
The largest integrated transit hub on the island of Ireland, Grand Central Station, will be adjacent to the 870-room complex in the city.
Murray's Exchange will have self-contained apartments with private kitchens, a common kitchen, living, and eating area, and single bedrooms with ensuite bathrooms.
There will be amenities including a social hub, study area, movie theatre, and a fitness centre.
A portion of the former tobacco plant was converted for offices and included on the list.
But since the business closed about 20 years ago, the remaining portion of the land has remained abandoned.