The new village will create 1,277 student bedrooms across a series of six blocks adjacent to the main university campus on the site of the iconic Richardson Road flats.
The existing buildings, that housed students for the past 40 years, are being demolished with construction work commencing shortly.
Alongside the new blocks, the redevelopment will create a new energy centre to power the accommodation as well as landscaping and appropriate infrastructure. Works are expected to be completed in time for the start of the 2018/19 academic year.
Cliff Wheatley, managing director of Galliford Try North East and Yorkshire, said: “It’s great news that we will be working with Newcastle University to deliver the fantastic Park View project.
“The ‘Ricky Road’ flats have been at the heart of student folklore in the city for a long time, and we hope that the new Park View village will similarly be appreciated by the students while enhancing their experience of life at the University.”