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
The morning sunshine will soon work it's magic!
But clear skies remain in the south and west
Joshua Davies says he was running away from a gang when he fell from the fifty-foot bridge.