The new centre will receive £27.5m of capital funding from the Welsh Government and European Regional Development Fund, as well as funding from the Arts Council of Wales and Bangor University.
The project has attracted criticism from Welsh language campaigners, who claimed the scheme was neglecting the language, and are calling for any jobs created to go to Welsh speakers.
There was also controversy over the gap between the closure of Theatr Gwynedd and the opening of the centre, which is scheduled for 2013/2014.
More top news
A patient at the Royal Gwent Hospital died after a 'complete lack' of medical care over a weekend, an Ombudsman investigation has found.
Wales wing George North appeared to be knocked out during Northampton's Premiership defeat on Saturday.
The Welsh Government will tell the Supreme Court why it believes the Assembly should vote on the UK Government's Brexit negotiations.