Exeter College bought the Walton Street site for £7m in 2010, following Ruskin College’s relocation to Ruskin Hall in Old Headington.
The Oxford University college is proposing to demolish all the buildings apart from the 1913 facade and build 90 student rooms, teaching and lecture space and a cafe.
The old building facades will be topped with a Parisian-style roof created out of stainless steel sheets.
Designed by Alison Brooks Architects, the finished project will form Exeter College’s Third Quadrangle in the heart of Oxford.
The project stoked up considerable local controversy and received planning a week ago despite letters of objection from within the University.
A source said: “Enabling works should now be able to start shortly with main work due to get going in the spring.”
ABA’s scheme is organised around two new courtyards, a 19th century and a 21st Century Quad, connected by a timber Ambulatory.