The potential 23,000m2 development, called John Street-Callaghan Square, is expected to create in the region of 100 jobs during the construction phase.
Planning for the new development is anticipated to be lodged in 2016 with work on site planned for late 2016, early 2017.
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.
“The John Street site represents a key part of the Enterprise Zone and City Centre and we are currently working up some exciting plans for a mixed use scheme. We are aligned with the Welsh government and Cardiff Council in ensuring that the growth and success of this key part of Cardiff continues to move forward.”
This is the latest investment by JR Smart in the Central Cardiff Enterprise Zone. It has already completed 11,000m2 of space, which is now occupied by Network Rail, Balfour Beatty, Finance Wales, Alert Logic, Equiniti and Brookfield Infrastructures.
No.2 Capital Quarter, a 7,800m2 speculative office building should be completed in spring 2016, as will a £2.5m footbridge and 600 bed student accommodation.