The project will include the refurbishment of the former Queensgate Market and Huddersfield Library buildings to house a food hall, modern museum and gallery.
Plans also include the creation of a new community-focused library, live entertainment venue and a 350-space car park.
Phase one of the programme, led by BAM, will focus on the refurbishment of the Queensgate Market site. The site will be converted into a new food hall and library alongside a new outdoor public square.
Early site surveys and preparatory work will begin in 2023, with the main bulk of work to be carried out in 2024. The first phase is expected to complete in winter 2025.
Commenting on the project, Councillor Shabir Pandor, Leader of Kirklees Council, said: "In times of financial challenge, like the ones we are facing now, it is vital that we don't lose sight of the investment that will safeguard our economy in the future. Our Cultural Heart is testament to our commitment to bringing a prosperous new era to Kirklees along with vital community services like the library, museum and gallery that will all be free to visit.
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"I look forward to seeing this important regeneration project come to life and see the positive effect it will have on Huddersfield town centre for generations to come.
"These are exciting times for Huddersfield town centre. The impact of our ten-year Blueprint vision is really starting to be felt and we were also delighted to see refurbishment plans for the George Hotel unanimously approved by the Planning Committee recently."
Reflecting on their involvement, Paul Cleminson, BAM's Project Director for Our Cultural Heart, said: "This is an exciting scheme for Huddersfield and its wider regeneration. As a resident of Kirklees, I hope that this will be another vital piece of the plan, to attract people back to the town centre.
"The chance to build something special for the town brings with it an obligation, as a responsible business, to use this opportunity to add value to the local economy and community. For BAM, it will allow us to build on the work we are doing at Huddersfield Station and the new Daphne Steele Building for the University, where we are working to leave a positive community legacy, as well as delivering outstanding new buildings and infrastructure."
