Ashford Borough Council is funding construction of the leisure complex known as Elwick Place.
The £75M project was given planning consent in December 2015 and will transform a vacant brownfield site in the heart of Ashford town centre into a boutique cinema, family hotel, and restaurants and cafes.
The site, which was originally part of the town’s cattle market, will be transformed into new leisure facilities to boost the night-time economy.
Leader of Ashford Borough Council, Cllr Gerry Clarkson said: “This investment, and our continued commercial approach, has the potential to significantly contribute to our ability to be self-reliant despite reduced government funding.
“We firmly believe that enabling this regeneration project to be brought forward quickly is in the best interests of the borough. This investment will enable services to be maintained, and will also continue the revitalisation of Ashford town centre.”
Stanhope Director Gary Bourne said: “Elwick Place will play an important role in delivering genuinely outstanding regeneration that will benefit the whole town.”