Clearance work has been completed ready for a new theatre in Leicester.
The scheme will see a new Haymarket Theatre in Leicester
It is one of several projects in the St George's area of the city which are under way and will generate 4000 jobs.
The old Charles Street police station will be converted into offices and flats, and there will be a revamp for the Leicester Mercury building.
John Nicholls, Leicester Regeneration chief executive, said: "This is the beginning of some really big changes in central Leicester."
The company is working to a plan looking at shops and businesses plus a new science park, with longer-term plans to change the line of the ring road and rail line through the city centre.
Mr Nicholls said: "We have been beavering on the planning for three years now and this year will be the year when it all starts to happen.
"It is a very exciting time for us and the city."