The 10 screen cinema will boast the biggest screen outside of Leicester Square in the country.
Enabling works are already underway with demolition specialist Squibb Group currently clearing the site.
Tom Robinson, Chief Executive, Simons Group, said: “We are delighted to be working with Basildon Borough Council on such an exciting project for the town, particularly during its 70th anniversary celebrations.
“The cinema will be a fantastic addition to Basildon and one which will bring much enjoyment to local residents.
“We are looking forward to starting on site and hopefully becoming an integral part of the town and its community over the coming months.”