Fortis Developments, in partnership with investment firm Knight Knox International has received approval from Cheshire West & Chester Council for the refurbishment of the newspaper's former premises into student accommodation.
Chronicle House in Commonhall Street will provide 62 student bedrooms as part of the conversion of the newspaper printing room.
The work is being carried out by Beaumont Morgan, and KDP Architects designed the scheme.
The accommodation will have a number of facilities on site, which include a gym, laundry room, bike storage and entertainment lounge.
The project is due to complete in time for the 2015 student intake.
Knight Knox International and Fortis Developments have previously partnered up to deliver student accommodation, with developments in both Glasgow and Nottingham.
Units are now available to purchase through Knight Knox International at a pre-launch price of £64,995 for a studio apartment. Knight Knox said investors would receive a rental yield of 8.4% for the first two years.
Chester Chronicle is now based in Maple House in Sealand Road, Chester.