The city council is to contribute £33m of the £40m required for the cinema and leisure scheme, to be delivered by Maple Grove Developments.
Yesterday, councillors signed off a funding agreement for the development, called Animate, marking a key milestone for the project ahead of the submission of a planning application in October.
Under the terms of the deal, around £3.5m for the project will come from Preston’s £20.9m Towns Deal award, and a further £3.25m will be from the Preston, South Ribble and Lancashire City Deal.
The land and buildings will be retained by Preston City Council and leased to the site operators.
“This is a really positive step forward in our plans to bring this exciting development to Preston,”” said Cllr Matthew Brown, leader of Preston City Council.
“Developments like this show that we remain ambitious in our plans to develop the city centre and bring investment and jobs to the people of Preston.”
Main image: via Freshfield