The Pontio arts centre project will include a theatre to seat 450-550, cinema space, studio theatre, outdoor amphitheatre and bars.
Building work is currently being scheduled to start in September this year with some 450 jobs created.
The university’s deputy vice-chancellor, Prof Fergus Lowe said the project, which would stretch from the memorial arch to the old Theatr Gwynedd site, would be built with £15m of Welsh Assembly Government funding.
“The centre will have an incredibly positive impact on the wider community in Bangor, with approximately 450 jobs created or safeguarded during the construction phase, and an additional 450 once the building is opened in 2012,” he added.