Now due to be completed in autumn 2023, the town centre building will provide up to 30 studios and flexible workspaces for creative and digital businesses.
The original cost was £5.8m when work started last year. The costs is now put at £10m, with Cornwall Council stumping up £3.5m and the European Regional Development Fund £6.5m.
The 1,544 sqm building is being built to BREEAM excellent standards.
Louis Gardner, Cornwall Council cabinet portfolio holder for economy, said: “To revitalise our high streets we have to bring businesses – and, as a result, jobs – to our town centres. Cornwall has more people working within the creative industries than any other rural area in the UK and we know there is demand for dedicated workspace.
“It is great news that we have a new contractor to complete work on the project which forms part of a wider strategy to regenerate and reinvigorate Penzance town centre.
"With the unprecedented rise in the cost of delivering construction schemes, I am pleased we have been able to secure additional ERDF investment as well as increase the council’s contribution, to bring this project to fruition.”
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