The scheme will see the existing bus station on Paris Street redeveloped with a cinema, shops, a swimming pool and outdoor public amphitheatre at its focus.
Plans also include a new 12-bay bus station with improved facilities for passengers.
It is rumoured locally that Sir Robert McAlpine is in the frame for the redevelopment project, which will consist of five blocks amounting to around 180,000 sq ft of internal space.
Developer Crown Estates and Exeter City Council are jointly driving the city centre development.
One of the key elements in the scheme will be the Saint Sidwells Point multi-storey swimming pool and gym complex with roof top spa. This will be built in the existing bus station car park to the south of the site, next to the new bus station building.
Arcadis is the project manager for the scheme, with Arup on board as both structural and M&E services engineers.