The firm can now start work this month on the two-year construction programme to deliver the distinctive wedge shape building, designed by architects BDP.
It will feature a 1,850 sq m photovoltaic array built into the angled roof to help power the college.
The Canal Parade development in Cardiff 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 the city 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.