The tower will be situated at the old port of Cork.
A new 140-metre building has been given the go ahead by Cork County Council, and is set to be built at the site of the old port in Cork.
The building is to include a hotel, retail spaces, and a maritime cultural and heritage attraction.
The new building will be vastly taller than Ireland's current tallest building, the Obel Tower in Belfast (88 metres), as well as the tallest building in Dublin, the new Capital Dock (79 metres).
Tower Holdings Group, the developers of the new site, told Echo Live that "We are delighted with this decision from Cork City Council and look forward to the final grant. We assembled one of the best design teams in the world to produce an outstanding design of exceptional quality for this iconic site and the city of Cork.
"We have to now fully examine all the planning conditions and certain points of detail to establish their effect on the scheme. Brighter times lie ahead for Cork, and this development will lie at the very heart of them."
Speaking of the new hotel, Tower Holdings stated that it will offer five-star luxury, and that visitors should expect an experience including a spa, swimming pool and gym facilities.
They also said that the new tower will incorporate and restore the historic Custom House, and is set to feature a sky-bar and restaurant where visitors can enjoy locally produced cuisine while taking in panoramic view of Cork city.