The i360, which is being developed by the team who designed the London Eye, will offer a 360-degree panoramic view with guests being able to see for more than 25 miles on a clear day.
The tower will include facilities for corporate events for up to 600 people, with meetings, evening drinks and canapé receptions able to be held in one of its hospitality rooms.
Julia Gallagher, head of sales at Visit Brighton, said: "Competition for conference business among destinations is fierce and this kind of signature project is a clear sign that Brighton is an attractive prospect for visitors and investors.
"New developments bring added value to the conference and meetings market and, as well as being a tourism draw, the i360 will be a welcome addition the city’s portfolio of iconic venues."
The i360 is expected to be complete within the next two years and is forecast to inject between £13m and £25m annually into the local economy.