Construction of Broadstone River House is slated to begin in May along the Southbank Downtown.
The architecture and site plan for the 263-unit residential development was approved Tuesday by the Downtown Development Review Board.
The project includes a 463-space parking garage, a public recreation area and two additional public access points along the Riverwalk.
The site is between the Lexington Hotel & Conference Center Jacksonville Riverwalk and the Duval County School Board building.
The developer, Phoenix-based Alliance Residential Co., also operates Broadstone Beach House apartments at Jacksonville Beach.
Development Manager Timothy Graff said construction should be complete within 21 months of the start date.