Developer Urban&Civic has signed an official development agreement with the council to begin the first phase of the 6.4-acre Westside scheme in early 2018.
Enabling works are already underway on the leisure-led development. Phase one features will include a multiplex cinema, 90,000 sq ft of additional leisure and restaurants, a 100-plus bedroom hotel and a multi-storey car park. Construction is scheduled for completion in 2020
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The second phase will deliver over 300 new city centre homes and 50,000 sq ft of retail/leisure space. Completion is estimated for 2022.
Cllr John Reynolds said: "This is another important step for this fantastic city centre scheme - and an exciting moment for the city. Plans are progressing well on Westside and before we know it construction will be underway."
Philip Leech, Development Director for Urban&Civic, said: "Signing the development agreement with the council is an important milestone for this landmark project and we are already well underway with our plans for delivery.
"The council is a very supportive partner with a clear vision for the City of Wolverhampton and we will be submitting the first planning application this summer.
"Westside is a perfect fit for Urban&Civic's commercial development arm and we look forward to building upon the success of what we have achieved with Feethams in Darlington."
(LM/MH)
