The Leisuredome scheme has gained planning approval from North Somerset Council to build on a 12.7 acre former RAF site at Locking Parklands.
The scheme will boast a 210 metre ski slope, a 40 metre climbing wall, an indoor surfing centre and sky-diving facility.
It will also support the local community with fitness and meeting facilities, including a children’s centre, BMX skateboard park and gymnasium.
Clive Hamilton-Davies, director, Leisuredome (UK) Ltd, said: “This decision is a major economic and leisure boost for the West Country and for the town of Weston-Super-Mare. It will deliver employment-led regeneration in an area where there is long term unemployment and provide a direct investment of £50m to the town.
“Our development will build on Weston’s growing reputation as a leisure destination and the success of the Grand Pier which reopened last year. We estimate it will attract 550,000 visitors in the first year, which will add to the £369 million already generated by tourism in the local economy every year.”
The centre could open as early as 2013 if McAlpine starts the job by the end of this year.