The project will regenerate a 1.9-acre former bus station in Darlington town centre into a cinema, hotel and restaurant complex.
Terrace Hill now intends to start work on site in mid-2014, with completion expected in autumn 2015.
As previously reported, the complex will be anchored by a nine-screen multiplex Vue cinema and include an 80-bed Premier Inn hotel, as well as a number of restaurants, bars and shops.
Terrace Hill chief executive Philip Leech said: "We are working on a number of planned leisure development schemes across the UK. Leisure is a sector with strong occupier demand and, with regional economies starting to improve, we foresee increasing opportunities for us in this area. Our network of regional offices also gives us unique insight into this market."