The further education college is set to submit a bid for £9m to the Skills Funding Agency at the beginning of next month to go towards the costs.
Interim principal Dawn Whitemore said: “We have done absolutely all we can to bring this £27 million investment into north Nottingham and are hopeful the Skills Funding Agency will agree with us that the area needs and deserves this funding.”
The contract is for ground preparation works, construction and fit-out of the new campus building, including a £2m Sustainable Construction Innovation Centre, which has already gained funding.
Work is expected to start in March next year on a redevelopment programme that completes in Autumn 2016.
Further information from the college procurement website.