The £32m property is to be developed on Scotland Street in St Vincent's Quarter.
Crosslane purchased the Princess Works site from Bolsterstone Group in March.
The development will comprise of three new residential blocks, with 144 studios and 293 en-suite cluster flats.
The residential blocks will include six, seven and eight storeys, each with a green 'living' roof.
The high specification brick and glass development is to feature a substantial common room, a private study room, meeting hubs, a gym and a large landscaped internal courtyard.
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It will be operated by Crosslane's Prime Student Living.
Works will commence in November, with the project scheduled for completion in time for the 2017/2018 academic year.
Knight Frank Planning in Sheffield advised and acted for Crosslane Student Developments during the planning process.
It worked closely with Manchester's DAY Architectural on plans for the site which sits in the St Vincent's Quarter, a transition site earmarked for regeneration by Sheffield City Council, and amongst a variety of residential, office and small scale retail and warehousing businesses.
Robert Goulsbra, Development Manager of Crosslane Student Developments, said: "We are pleased to have successfully received planning permission for Crosslane's first student accommodation property in Sheffield, which is a prime and exciting top Russell Group university city and a lively and cosmopolitan city."
Sophie Taylor, Knight Frank Planning team in Sheffield, added: "We are pleased to have successfully advised Crosslane Student Developments from pre-application and through to achieving full planning consent whilst worked closely with Manchester's DAY Architectural on plans for the site."
(LM/CD)
