The Westside development would transform the area surrounding Wolverhampton’s market and feature a 12-screen cinema, restaurants, 150-bed hotel and 700-space car park.
It is anticipated more than 500 construction jobs will be available during its two-year build.
Strong demand from occupiers means construction remains on track to start in 2018.
Construction on phase one of the project is expected to be complete by early 2020.
It encompasses land between Penn Road Island and Salop Street, including the current School Street and Peel Street car parks and the area around Market Square.
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Philip Leech, Property Director for Urban & Civic, said: “Our ambition is to deliver a scheme at Westside which transforms this part of the city centre, creating new jobs and providing a sustainable development that people enjoy visiting for many years to come.”
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