Mellon pipped Bellway Homes to the post and is now preferred bidder on the a 152-acre site overlooking the South Wales city's marina. The council is to grant a long lease on the site, known as Ferrara Quay and Seagate, to Mellon.
The tower will comprise 256 one-, two- and three-bedroom flats and a top-floor restaurant. There will also be four seafront towers near the existing marina.
A statement from Mellon said: "Our group is committed to ground-breaking and ambitious schemes in areas that have potential for major growth. With this fantastic scheme proposal costing nearly £40 million we have delivered a truly stunning structure and one that will generate activity and jobs."
Lawrence Bailey, Swansea council leader, said: "This spectacular tower would completely transform the Marina area and the city's skyline. It sends out another clear signal that Swansea is emerging as one of Britain's fastest-growing cities.
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