UK-based construction firm Galliford Try has signed contracts with Birmingham City University for developing the £46m Conservatoire in central Birmingham.
Designed by British architecture firm Feilden Clegg Bradley Studios, the project will shift the Conservatoire from its present location to the east area of the city centre, beside the university's Parkside building.
The current facility will be demolished as part of the Paradise Circus redevelopment.
Announced in August last year, the contract was initially valued at between £27m to £35m.
The new development will have seven storeys with house teaching facilities, and include a concert hall capable of seating 500 people as audience and room for full orchestra.
The facility will also offer a recital hall with 150 seats, as well as smaller spaces for experimental music, organs, and jazz rooms.
Galliford Try executive chairman Greg Fitzgerald said: "We are delighted to be involved in such a high-profile and significant project for both Birmingham and the surrounding area.
"We look forward to working with Birmingham City University and the design team to produce a world-class musical facility for both the students and the wider community."
WYG will serve as the civil and structural engineer for the new facility, with Hoare Lea as mechanical and electrical consultant, and Faithful & Gould as quantity surveyor.