The new 6-storey campus designed by architects Bond Bryan will provide college and community facilities, together with a new business hub.
This will encourage business start-ups, better collaboration between the college and employers and provide the wider community with improved training and skills resources.
The campus will also house a performing arts centre, student retail space, café and training restaurant and bar.
Procurement chiefs are presently shortlisting firms to take part in a two-stage tender process.
Site work is due to get underway next autumn after the appointment of a preferred contractor in in the Spring, with a project completion date of 2020.
The new City Hub campus building forms part of an ambitious £250m Southern Gateway regeneration scheme, spearheaded by Nottingham City Council involving the redevelopment of the intu Broadmarsh Centre, the rebuild of the Broadmarsh bus station and car park, as well as the remodelling of road and pedestrian routes in the area.