A 12-storey hostel will be built to provide accommodation for runaway children and hard-up teenagers.
The $85 million centre will be built on a parking lot next to Sai Wan Ho MTR station with an area of about 1,220 square metres.
Youth Outreach, the hostel's operator, is to raise $15 million to cover the cost after the Jockey Club granted it $70 million.
Executive director Father Peter Newbery said a crisis intervention centre would be operating overnight to help street children or runaway youths settle in the temporary home.
There will also be transitional housing at low rental for a maximum of one year for teenage workers who cannot afford to rent a home.
'We stress the importance of responsibilities and independence,' Father Newbery said. 'Young people who are making money will be charged a cheap rate.
