The Princes Quay bridge is to link the marina with the southern end of Princes Dock and is expected to be finished by Easter 2017.
The project is being part-funded by Highways England, with a £4m contribution awarded to the council by the Humber Local Enterprise Partnership.
Archaeological work will begin on the site later this year to prepare for construction work next year.
The bridge is being delivered as an early phase of a major project by Highways England to upgrade the A63.
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The projects contractor, Balfour Beatty, will develop a new junction at Mytongate and two new pedestrian bridges over the road, including the Prince Quay bridge.
The one mile scheme aims to improve journey times within the city centre.
Highways England is continuing to work on the Development Consent Order application for the main scheme alongside traffic and environmental assessments.
Highways England Project Manager, Jimmy Holmes, said: "Now planning permission and funding has been granted, we are on track to enable the bridge to be in place by Easter 2017 as an early phase of the main Castle Street scheme.
"We have carried out extensive planning and worked very closely with our stakeholders, including Hull City Council and local businesses.
"We will work hard to keep disruption to a minimum and will install the new bridge as quickly as we can."
The bridge has been designed to allow further development around the waterfront as the council plans to regenerate the area around the marina.
(LM/CD)
