The distinctive wedge shape building, designed by architects BDP, will feature a 1,850 sq m photovoltaic array built into the angled roof to help power the college.
A two-year construction programme on 160,000 sq ft building complex is due to start this summer, according to the college.
Laing O’Rourke, Morgan Sindall and Willmott Dixon are understood to be among the firms circling the project.
The Canal Parade development is being supported by the Welsh Government with a £20m grant and the build being overseen by Rightacres Property Company, responsible for some of the city’s most iconic developments.
The college says it will be the largest construction project in Cardiff when it begins and facilities will be open to the public seven days a week.
The new facility will be built in the financial enterprise zone on former industrial land off Dumballs Road.
As well as providing education and training facilities, it will also have a rooftop restaurant, gym, spa, beauty salons, shops and a conference centre.