Saint John Common Council has officially approved the Landmark building, a 180-unit apartment complex overlooking Tin Can Beach.
The city has rezoned the lot allowing high-rise construction, after the developer agreed to pay $160,000 in improvements to nearby facilities.
$130,000 of those funds will go toward improvements at Rainbow Park on Sydney Street.
Of the remaining funds, $10,000 is for construction of a bus shelter on Broad Street, and $20,000 is earmarked for Tin Can Beach beautification.
Council documents show the priorities for the Rainbow Park funds include: an updated master plan, repairs to the basketball court, enhanced landscaping, and funding for an outdoor ice surface.
The developer behind the Landmark building has said the project is still two years from construction as they firm up funding and final plans for the build.