Coventry planning officers have approved the Unite Group's application for a 2.1 acre site in central Coventry for 286 students.
The new building will have a total development cost of £17m and is located on Far Gosford Street adjacent to an existing Unite property.
The site was acquired from Complex Development Projects (CDP) in partnership with the Council.
Richard Simpson, Managing Director of Property for Unite, said: "We are delighted to have received planning consent in Coventry, as we continue to progress our regional development pipeline.
"Achieving planning through delegated decision reflects the confidence Coventry has in Unite and will enable us to continue supporting the University by providing a safe, secure home for the city's growing student population."
Completion is anticipated in time for the 2016/17 academic year.