Planning permission has been granted for a transformation of The Gates shopping centre, owned by fund manager Clearbell Capital.
Proposals include developing a cinema and a new riverside promenade featuring 35,000 sq ft of restaurant space and 253 student accommodation bed spaces.
In addition, 23 retail units will be refurbished along with developing new entrances and the public realm.
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A contractor for the project is still to be selected.
Work is due to start on the scheme in the New Year, with the new centre opening in two stages in 2018.
Manish Chande, Senior Partner at Clearbell, said: "The team has worked closely with Durham County Council on the vision for The Gates and we are delighted consent has been received for the scheme."
"This redevelopment will create further job opportunities and provide the City with an enhanced leisure and retail offer. We are now focusing our efforts on securing occupiers for the development and looking forward to seeing the scheme come to realisation in the next couple of years."
The planning consultants on the project were Nathaniel Lichfield & Partners.
(LM/CD)
