The plan would see a 3-acre site in the Talbot Gateway area levelled to make way for a 350,000 sq ft education facility across three major blocks rising to five storeys.
The Multiversity will be built by Blackpool Council and then leased to Blackpool and the Fylde College.
It will be delivered in two phases, starting with an education campus on the corner of Cookson Street and George Street, followed by future development across the southern end of the site by Milbourne Street and Grosvenor Street.
The land for the new Multiversity is currently being acquired by Blackpool Council, with the support of a £9m Government grant as part Blackpool Town Deal, which was awarded in March 2022.
The project was also awarded £40m as part of the Government’s Levelling Up funding in January 2023 as part of the total project cost of £65m.