The facility will provide 206 beds for people and facilities will include adult acute mental health care, mental health and addiction rehabilitation, long-term care and rehabilitation for older people and outpatient clinics and treatments.
Over the next couple of months, NHS Ayrshire & Arran staff will work with Balfour Beatty's design team to finalise the detailed design of the development.
Derek Lindsay, director of finance and senior responsible officer for the project, said: "After a robust procurement process, we are confident that we have made the right decision. Balfour Beatty's final tender offers a high quality design and therapeutic environment. We are looking forward to working with them to provide the people of Ayrshire and Arran the very best facility possible."
The development, which will cost £47m, is being funded using the non-profit distributing (NPD) model, which is managed by the Scottish Futures Trust (SFT) on behalf of the Scottish government.
Kerry Alexander, NPD programme director at Scottish Futures Trust said: "Being able to appoint a preferred bidder in little over a year is practically unheard of but is what makes NPD unique. The new hospital will be one of the largest building projects in the area and will be a massive boost to many local businesses when construction starts."
Construction is expected to start in summer 2014 with the new facility is due to open in spring 2016.
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