An existing building is being demolished on Academy Street to make way for the development, with site clearing close to completion.
When complete, the Wyvern House development will include a mixture of one and two-bed flats for rent along with commercial units.
Morrison Construction is completing the project on behalf of Highland Council and Highland Housing Alliance.
Councillor Trish Robertson, Vice Chair of The Highland Council's Environment, Development and Infrastructure Committee and a Director on Highland Housing Alliance Board, said: "It is exciting to see the redevelopment of this prime city site move a step forward. It comes hot on the heels of the redevelopment of 92-94 Academy Street across the road and the refurbishment of the former CAB offices into new homes so when completed Wyvern House is really going to play its part in enhancing this part of the city by providing new homes and new business opportunities."
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The next stage of the development will see the arrival of the crane and delivery of the new build system.
Morrison Construction, Managing Director of Building Highland, Donald Mclachlan, said: "It's an exciting milestone for this prestigious design and build project. Demolition and site clearance works that began late last year are nearing completion with the main contract set to begin in April.
"We are delighted to be working again with The Highland Council to deliver this development in the heart of Inverness, which will see our experienced team provide new homes and retail spaces."
(CM/JG)
