The 12-screen cinema will be operated by Cineworld, which will be built on the site of the city’s dilapidated coach station.
Plans include building 13 restaurants within the leisure complex and 450 car park spaces.
A detailed planning application for the scheme is now being developed and will be submitted in early 2015.
David Pollock, Retail Development Director for British Land, said: “The proposed leisure scheme creates an opportunity to take Drake Circus to the next level, and with a number of new brands added, is a very strong example of our strategy to create Places People Prefer.
“We are delighted to be working with Plymouth City Council on this project to establish Drake Circus as the West Country’s retail and leisure destination of choice.”
Corstorphine + Wright is the architect and Wareing & Partners is the letting agent for Drake Circus Leisure.