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
It will be wet and windy this evening and through much of tonight with some heavy rain at times.
Welsh golfing legend Ian Woosnam has set his sights on securing a home victory at the Wales Senior Open in Newport.
It will be a bright start to Saturday, with some sunny spells. However, cloud and rain will reach the far west by late-afternoon.