With approval now secured, construction of the first phase of the scheme is set to get underway in Spring 2024.
Initial works will concentrate on the major refurbishments of the historic Queensgate Market and creation of a public square.
The scheme also proposes a new community-focused library within a modern extension to the Queensgate market building, a new art gallery on Queen Street and a 2,200-capacity multipurpose entertainment and conference venue with a 350-space multistorey car park.
To enable initial works, a section of the existing Piazza building along Princess Alexandra Walk will need to be demolished.
The remainder of the Piazza building will stay in place until demolition is required to progress work onsite.
Units including Boots and WHSmith will also stay open during this period.
Councillor Graham Turner, Cabinet Member for Regeneration, said: “Construction of the scheme will be phased and work is already underway to appoint a principal construction contractor.
“Various site surveys and preparation works will be completed throughout 2023, with work getting underway in earnest early in 2024.”
The first phase of the scheme is projected to complete in Spring 2026.
Following this, work will get underway on delivering a new family-friendly urban park. As well as the new museum and gallery, a mixed-use building to help bridge the park and Queen Street divide.
The final build will be multi-purpose live entertainment venue with a 350-space car park.