Velo will comprise 61 one and two-bedroom apartments directly opposite The Deen Hotel at 89 Aberdeen Street, as well as a ground-level small bar and cafe.
The project also features fully enclosable balconies, water harvesting technology and charging facilities for electric cars.
Demolition and construction works are set to begin next week.
The project's developer and architect, Barry Baltinas, said Velo had attracted strong interest from investors and homebuyers.
“With Northbridge's appeal as an investor hotspot also on the rise, we suspect overseas buyers will most likely get their hands on the remaining city and north-facing apartments,” Mr Baltinas said.
Baltinas Architecture's art-deco inspired Kingdom Apartments in South Perth were completed in 2008, while the developer's $26 million, nine-level Halo apartment project on Mount Street is also currently under construction and on track for completion in August.
The architecture firm is also responsible for the fitout of a number of Perth nightspots, including Bar de Halcyon, Gold Bar in Subiaco, and Carnegies' rooftop bar, The Conservatory.