Property development firm Terrace Hill has secured approval from Darlington Borough Council in the UK for its £30m Feethams Leisure project.
The project will transform a 1.9 acre former bus station in Darlington town centre into a cinema, hotel and restaurant complex.
The scheme, designed by architectural firm Niven, will be anchored by a nine-screen multiplex cinema and will also feature an 80-bed hotel and several restaurants, bars and shops.
Terrace Hill has signed an agreement with VUE Entertainment, which will operate the cinema.
The company said lettings have already been secured with national operators Nandos and Prezzo, with two additional restaurant units under offer to other national brands.
Terrace Hill is also inviting proposals from independent businesses that wish to be located on the prime space.
Construction on the project is expected to start by the middle of 2014 and is scheduled for completion in autumn 2015.
Terrace Hill chief executive Philip Leech said the company is 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," Leech said. "Our network of regional offices also gives us unique insight into this market."
Terrace Hill is also developing two retail schemes in the UK, which include a Sainsbury’s supermarket at Riverside Road in Sunderland and an Asda supermarket in Skelton, East Cleveland.