The development comprises five tower blocks – 12 to 22 storeys – on the former Monk Bridge steelworks site, just off Whitehall Road, southwest of Leeds city centre.
The 665 flats for the private rented sector are being constructed by Galliford Try for Guernsey-registered Highline Investments.
The site borders the Leeds-Liverpool canal and a Victorian viaduct of the defunct Leeds-Thirsk railway. The viaduct will form a platform gateway to the flats while the railway arches below will be renovated to provide retail space.
Galliford Try chief executive Bill Hocking said: “This scheme is a significant investment in the current economic environment and our excellent track record in high-density residential building has led Highline to place their trust in Galliford Try to deliver for their customers.”