The 22-storey building will be 88 metres high.
Property developer Johnny Ronan has received the green light to build Ireland's tallest building in Dublin.
The new skyscraper will be built beside Tara Street Train Station, across the River Liffey from the Custom House, and will stand at 88 metres.
At present, the tallest buildings on the island of Ireland is the the Obel Tower in Belfast at 85 metres, followed by the Capital Dock building in Dublin at 79 metres.
An Bord Pleanála approved the plan for the new construction on appeal - but it has split opinion.
Heritage organisation, An Taisce, has described it as a catastrophic error.
It's hitting out at An Bord Pleanála for giving it the go-ahead, due to new rules on building heights.
It says the 22-storey tower will cause a massive intrusion on the character of the city centre.
An Taisce's Advocacy Officer, Ian Lumley, - says the Housing Minister's new height guidelines impact badly on Dublin and other cities:
"Our concern is that these [new guidelines] were introduced with any real consideration - we're not just talking about Dublin here, Cork, Limerick and other historic cities and towns having developments dramatically higher than the existing scale of the place."
Criticism that the development will ruin views over Dublin's historical Georgian core has been rejected by Dublin Chamber of Commerce.
Spokesman, Graeme McQueen, says it'll be a new landmark for the capital:
"We welcome the news... It's going into an area that I think is right for this kind of development.
Getting rid of the building height caps in the last few months has left the door open for this kind of thing.
It's a really good move, it's going to be a mixed-use development.
It's something that will hopefully act as a catalyst for other really good development to happen in the city centre."
