Work is expected to begin on the site in May, having been approved by Aylesbury Vale District Council’s development and work committee, and is expected to take two years.
Arts Team, which is developing the project, says it is “pushing the boundaries of timber frame construction” by creating large free-form volumes.
The building will be supported by around 150 exposed laminated timber “fins”, rising 10-15m and spaced irregularly around the exterior.
The new theatre will be bigger than the current civic centre for Aylesbury and is expected to offer more flexibility for users.
“We have an opportunity to develop a top quality facility for the benefit of residents and visitors to the town,” said councillor John Cartwright, leader of the council.
“We will now be fully focused on ensuring the project comes to fruition as soon as possible.”