The Waterfront scheme at Monks Meadow will deliver 411 homes, comprising 362 flats and 49 two and three-bedroom houses.
Work at Gloucester Quays will get underway immediately after Crest finalised a land purchase deal, with the first homes available to move into in September 2019.
Andrew Ball, development director at Crest Nicholson South West, said: “We are pleased to have finalised our acquisition of this iconic local site in the vibrant centre of Gloucester.
This development is a very important part of our South West portfolio, providing a desirable mix of contemporary homes to the local area. We remain committed to building cohesive and sustainable communities and look forward to delivering much-needed homes to residents in Gloucester.”