The site will include a six-lane, 25 metre swimming pool, dance hall and performance space, fitness suite, gym, sports hall and a debating chamber.
The scheme will help to support business growth in the area and 45 business units are also being created as part of the development.
Managing Director for Willmott Dixon, Anthony Dillon said: “This regeneration heralds an exciting new future for Redcar, something that will make a genuine and lasting difference to the entire community.”
Willmott Dixon is committed to spending 83% of the budget for the scheme this year within a 60 mile radius of Redcar and next year this increases to 87%.
Dillon said: “We appreciate the importance of the local pound and will use local businesses and support local jobs whenever possible.”