The club confirmed the go-ahead for the scheme on Wednesday morning following an extensive round of public consultation on the plans.
Enabling works have been ongoing throughout the off-season and an official ground-breaking ceremony is now planned for next week.
The redevelopment of the stand will see 7,000 more seats added to Anfield, taking its overall capacity to more than 61,000.
Construction of the stand will work in the same way as the redeveloped Main Stand, with the build taking place throughout the season while matches continue to be played throughout.
Andy Hughes, managing director of Liverpool FC, said: “We have been clear from the beginning that in order for this expansion to go ahead we needed the co-operation of local residents and the community, to successfully navigate the complex planning landscape, and to ensure the project is financially viable.
“We needed certainty for this project to progress and are now in a position to be able to move forward. We began this journey in 2014 and are grateful to everyone for the contributions they have made to bring the project to this stage.”
The work will reroute Anfield Road itself around the footprint of the new stand.
The project was given planning permission by Liverpool City Council in June with the club also awarded permission to hold up to six concerts and major events at the stadium for a period of five seasons.
Buckingham will work with local employment groups and education establishments to offer work experience, apprenticeships, graduate placements and employment to local people. Buckingham is committed to offering around 35 work placements and more than 800 apprentice and training weeks across the build.
The redeveloped Anfield Road Stand is anticipated to be ready for the 2023-24 season and its design will see the lower tier retained and refurbished with a new upper tier built above it.
As well as an increased capacity, the redeveloped stand will be similar to the Main Stand, with improved concourses and sports bar lounge hospitality facilities. This stand will also see the relocation of the Family Park to a covered position.