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The project at 599 Grafton Gate project will provide around 300 flats close to Milton Keynes Central railway station.
Galliford Try will now be developing the design information necessary to obtain a Gateway 2 approval under the Building Safety Act before starting works on site.
The building will include ground floor retail space, a fitness studio, games room and resident lounge.
Residents will also benefit from an orangery and rooftop landscaped terrace on the 29th floor as well as landscaped terrace and internal lounge at the 10th floor.
Phil Harris, managing director for Galliford Try Investments, said: “This is our first PRS scheme in Milton Keynes as a developer/contractor, which adds to our growing portfolio of PRS developments across the UK.”