The Dublin Road site is one of three new sites across Belfast that have been acquired by Queen's. The other two sites are located at Laganbank and Brunswick street.
The new accommodation, which is part of the university's accommodation growth plan, will provide places for Queen's students, staff, and their families.
Belfast is already home to 45,000 full-time students, but Queen's has said 3,000 more rooms will be needed in the next five years for its attendees alone.
The £100 million, four-year investment is set to create more than 220 jobs within the city centre whilst work is ongoing.
Queen's University also claimed there was increased demand from students for high-quality accommodation, with a five per cent increase in applications this year.
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Gary Holmes, Regional Managing Director Building North at GRAHAM, said: "We are excited to be leading on the construction of this new development, which will help to transform the area while boosting the economy. As part of our commitment to social impact, we are implementing an Employment and Skills programme to support local unemployed residents into the industry. We will also be working closely with community organisations to provide volunteering opportunities for our staff as well as working with local schools to offer site visits and curriculum support."
Caroline Young, Vice President of Students and Corporate Services at Queen's, said: "We have been aware of and planning for a major increase in demand for student accommodation in recent years and through this significant investment, we are ensuring we are prepared to respond effectively. There is a specific focus on the need for high quality, affordable and safe housing options, in close proximity to Queen's.
"Belfast is already one of the top university cities across the UK and Ireland in terms of providing the best value for money for student accommodation, with rental prices for our offering including all bills, 24-hour security, gym membership and more.
"Securing these three sites close to Queen’s and the city centre, is not only putting us on the front foot in terms of keeping our best students at home and attracting others from elsewhere, but it will also have a hugely positive effect on the city as a whole in terms of attracting developers, businesses and better services and crucially will help deliver Belfast City Council Agenda for 66,000 more residents living in our city centre by 2030."
