Developer Deicorp's Hyde Metropolis project will offer 168 flats over 55 storeys at 133 Liverpool Street.
But the flats don't come cheap, with prices starting at almost A$1.3 million for a one-bedroom apartment on the lower floors and going up to A$12.5 million for a three-bedroom apartment at the top end.
"Deicorp is delighted to have received final approval from the Sydney City Council's Sydney City Centre Committee.
Deicorp is delighted that the City of Sydney's Central Sydney Planning Committee has given final approval for the construction of this truly spectacular apartment building.
Hyde Metropolitan Tower will be one of the landmark residential buildings in Sydney's Central Business District.
Located on the edge of historic Hyde Park and the emerging tech hub area.
Construction will begin this month and be completed by the end of 2028.
Designed by renowned architectural firm Candalapas Associates, the tower will have a six-storey podium comprising retail, commercial and residential communal areas.
The City of Sydney held a design competition and Candalapas won with a design that maximises the views of Sydney's CBD and harbour.
The design includes four levels of office space, ground floor retail, courtyard gardens with trees and public floors.
The design includes four floors of office space, ground floor retail, a courtyard garden with trees and a communal floor for the building's residents,
This will include a gym, day spa and swimming pool.
The building will offer one, two and three bedroom flats, including 2.9 metre high ceilings and full-height windows that will maximise the surrounding views.
The upper floors will have their own private foyers and lift access.
The ground floor will feature a high-end restaurant and bar.