VINCI Construction UK has been appointed to carry out the design and construction of the project, which will see Albion Square feature high-quality retail, housing, leisure and enhanced parking facilities in an enclosed courtyard.
A newly built ice arena has also been identified as a potential addition to the area.
VINCI secured the contract, worth an initial £2.6m, following a competitive tender process.
The firm will bring enhanced social value to the project with the appointment of a social value manager, the delivery of three new apprenticeships delivered by Hull Training, six new traineeship opportunities and 60 work experience placements.
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Councillor Daren Hale, portfolio holder for economic investment and regeneration, said: "We've reached a significant milestone in the redevelopment of the Albion Square site, and this appointment allows us to press ahead with the regeneration of the city centre.
"The redevelopment of Albion Square will deliver economic, cultural and development benefits that supports the council's wider city economic, cultural, tourism, and improvement targets and aspirations, whilst also having a massive impact on the city centre economy and other city centre businesses.
"VINCI's impressive proposal includes a commitment to ensuring that this multi-million pound development benefits local businesses and local people, as well as scoring the highest in terms of quality and value, as set by the evaluation criteria. We are pleased with their commitment to our Social Value criteria and satisfied that they will observe our construction workers' charter."
Local company Jennings will now work with the Ashcourt Group to remove and recycle the demolition waste on the site.
(CM/MH)
