The 12-screen IMAX cinema and over a dozen restaurants will be built on the site of the city’s dilapidated Bretonside coach station.
The new complex will help to restore the city centre and the historic Barbican and waterfront and includes 420 on-site parking spaces.
Demolition works have just got underway, with McLaren expected to start the 20-month building programme early next year to open the project in Autumn 2019.
Richard Wagenhauser, associate director at project architect Corstorphine + Wright, said: “The new leisure complex at Drake Circus is one of the largest developments to come to Plymouth in recent years and we have strived to create a unique design that pushes boundaries and enhances the city’s image as a vibrant tourist and leisure destination.”