The futuristic 156,000 sq ft Arena is being built next to Derby’s Pride Park Stadium.
The project is seen as one of the first post Olympics legacy projects after Sport England committed £3m through its Iconic Facilities Olympic and Paralympic legacy fund.
Designed by Mace, the arena include fitness and wellbeing facilities, and a sports infield surrounded by a national standards 250m indoor cycling track and well as a 1.5km outdoor closed cycle circuit.
Bowmer & Kirkland director, Robert Kirkland, said: “It is a great honour for us to be working on the first Olympic legacy project.
“As a Derbyshire-based company it gives us a real sense of pride to work with the City Council to build this exciting Arena which will be available to everyone in the region.”