The project is now out to tender and a contractor is expected to be appointed early in the new year.
Demolition work has taken place at the former Amalgamated Tyres site at the junction of Fetter Street and St John’s Street, where archaeological work is set to be carried out.
Once complete, the project will provide a total of 59 lettable units of variable sizes and levels of specification for creative industries.
During its first ten years of operation, Vulcan Works is expected to support up to 100 businesses, creating around 300 jobs.
Cllr Tim Hadland, cabinet member for regeneration and economic development, said: “This is the second tranche of European funding we have successfully bid for and we’re very grateful to SEMLEP for all the support we have received.
“We are now in a position to get to work on the project and by autumn 2020 we will have a fantastic new facility at the heart of our Cultural Quarter.
“The units will provide opportunities for start-ups or slightly more established enterprises looking to expand, and there will be communal space where businesses can collaborate with each other.”
The project previously secured a £6.3 million Local Growth Fund contribution from the South East Midlands Local Enterprise Partnership.
Once construction is under way, an external operator will be sought to run it on behalf of the council.
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