The grant of intent from Dublin City Council could see construction on the project begin early next year.
The plan would be developed alongside the College Estates Strategy.
The property is primarily for investment and will not be used for College activities in the near future.
Over the last two years, Trinity has failed to secure deals on at least five sites with potential for student accommodation.
The National Competitiveness Council warn of the long-term dangers of failing to fund higher education.
The expansion will see counsellors in Trinity Hall one day a week and longer office opening hours.
Figures also showed that Trinity is above the national average as 64 per cent of part-time staff female.
The announcement of the centre was made at TCDSU Council, and should be seen within the next five years.
The change was announced as part of TCDSU President's report to council, and was not a discussed by council.
The motion passed comfortably, and follows continued efforts to make college more trans* friendly.