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.
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There'll be bracing winds and heavy showers this afternoon and expect a wet and windy start on Monday morning.
Carl Edwards and guests look back at the week's events in the latest edition of Newsweek Wales.
A Yellow Warning has been issued by the Met Office as gale force winds and showery rain affect areas across Wales.