A procurement process will now begin, finding a partner to operate the facility alongside a contractor to build the development.
The main auditorium will have the capacity to hold an audience of 3,500 people, while also allowing for conferences of up to 800 people to host small plenary events.
Exhibition space of 2,000 square metres will also be developed for a range of shows.
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The new building will include break-out rooms, a restaurant, dressing rooms with en-suite facilities, an outside broadcast space and acoustics suitable for conference and amplified music.
The site will be located behind Princes Quay shopping centre, whose owners are committed to deliver new retail facilities and a hotel as part of the overall scheme.
Councillor Steven Bayes said: "A high-quality, purpose-built events and conference centre is absolutely essential to making Hull a top visitor destination and to secure a long-term legacy from our year as UK City of Culture.
"Put simply, a city of Hull's size needs a facility such as this."
Design concepts will be completed with contractors appointed by the end of 2015.
The venue is scheduled to open in 2018.
(LM)
