British Land will commit £2m to the construction of the city’s new coach station on Mayflower Street as part of the deal.
Construction work is expected to start in summer 2016 and the scheme is due to open mid-2018.
Planning permission was granted earlier this year for the 100,000 sq ft scheme located next to Drake Circus Shopping Centre.
Cineworld will anchor the development with a 12 screen complex ranging in size from a 63 seater to a giant 450 seat IMAX auditoria.
British Land has also received strong demand from a number of restaurant operators for the 14 restaurants proposed.
David Pollock, Retail Development Director for British Land, said: “Once complete, Drake Circus Leisure will be the most significant leisure scheme in the South West and we are delighted to be one step closer to delivering the project.
“The recent letting to Cineworld and interest from restaurant operators has allowed us to accelerate our plans, and we are excited to be working with the Council to enhance the city centre.”
Cabinet member for Finance and Assets and City Centre champion Mark Lowry said: “There’s a real sense of progress on this scheme which will help transform this part of Plymouth and offer more choice for people looking to spend their time and money on Plymouth’s city centre.”