The Mill, in Ipswich, which is 233ft (71m) high, has a specially-built nesting box that is home to five chicks waiting to fledge.
It was built in 2009 but peregrines did not nest there until 2014.
Steve Piotrowski, from the Suffolk Ornithologists Group, said: "Hopefully they will colonise other urban sites, which are becoming important habitats."
The Mill, which remains uncompleted after work building the flats halted in 2009, is believed to be the tallest residential building in East Anglia.
Mr Piotrowski added: "It's a species which is protected and it plays a role in killing feral pigeons on Ipswich Waterfront."
A webcam has also been set up by Ipswich Haven Marina to monitor the chicks' progress.
180mph (290km/h)
the top diving speed of a peregrine falcon
1,400 the number of breeding pairs in the UK, according to the latest figures
365 the number of breeding pairs in the UK back in 1961
3-4 the number of eggs a hen would usually lay in a year
Peregrine chicks nesting in a 23-storey tower block have been ringed to help monitor their future movements.