The £228m investment for the City of Glasgow College super campus development will be spread across two city centre sites with 1,200 staff and 40,000 students.
The project is part of the Government's commitment to maintain college funding at £522m for 2013 and 2014.
The College was created following the successful merger in September 2010 of Glasgow's Nautical, Central and Metropolitan colleges.
The College has used the Scottish Futures Trust’s Non Profit Distributing (NPD) financing model, and is expected to create 170 new jobs during construction, with a minimum of 40 modern apprenticeships, and a host of work experience opportunities.
NPD ensures that private sector returns are capped, that there is no dividend bearing equity, and any surplus is directed in favour of the public sector.
Ms Sturgeon said: "The City of Glasgow College will offer an excellent learning environment for thousands of students and play a crucial role in the expansion of industry and employability focussed research, and college and higher education in the city.
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"The £228 million investment is vital for Scotland's economy, demonstrating our commitment to invest in infrastructure despite Westminster cuts. It also comes hot on the heels of the £50 million construction of Inverness College announced in May.
"Meanwhile, we have increased college budgets by £61 million over the next two years, providing an unprecedented funding 'floor' of £522 million. College leaders have welcomed, by the sector in allowing them to complete the process of reform. And those reforms are substantially improving students' chances of securing jobs, as well as helping colleges play their vital part in delivering Opportunities for All, our unique guarantee of a place in education or training for all 16 to 19 year olds.
"Both Glasgow and Inverness colleges will be delivered through the NPD model which, unlike Private Finance Initiative (PFI) schemes, caps returns to the private sector.
"Investment in schools, hospitals, roads and other infrastructure is set to top £3.4 billion in 2013-14, supporting more than 40,000 jobs across the Scottish economy."
Paul Little, City of Glasgow College Principal & CEO added: "The two campuses will provide an amazing learning environment for the students of today and tomorrow, future proofed for generations to come, and are a major boost to the city and Scotland and ultimately will enhance our reputation as a leading educational institution in the world.
"Soon the Glasgow skyline will be transformed as our stunning new facilities start to go up. Three summers from now Glasgow will have its powerhouse of skills at the heart of the City Centre and two years from now part of the Clyde will be regenerated, such is our commitment to the maritime and engineering industries."
(JP/CD)
