Standing at 1,016ft (309.6m) high, the Shard in Southwark, London, is currently the tallest completed building in the UK.
Outside of London, Deansgate Square South Tower, Manchester, takes the lead, at 656ft (200m).
The developers for the Cardiff site, Reap 3 limited, a subsidary of Bluecastle Capital, said the plans seek to build upon the success of the wider Central Square area.
The architects said they were inspired by skyscrapers such as The Equitable Building in New York using a tripartite formation, which consists of three parts, with a clearly defined base, middle and top.