The Grŵp is proposing to move Coleg Menai's existing provision from the Ffriddoedd Road and Friars site to the iconic Tŷ Menai building on Parc Menai, which has stood largely empty in recent years.
If granted change of use permission by Gwynedd Council, this would see the creation of cutting-edge, hi-tech facilities for students at Tŷ Menai, as well as strengthened links between further education and future employers.
The new Centre will offer a range of Lifelong Learning opportunities with targeted courses for Service Industries and other key business sectors.
A major feature of the Tŷ Menai development would be the consolidation of the Grŵp's creative industries provision into a Centre of Excellence, with courses ranging from performing arts and music technology to games design and TV production all available on the same site.
The Campus would also house modern training facilities for other priority sectors identified by the Welsh Government and North Wales Regional Skills Partnership, including hospitality and catering.
The Grŵp has already acquired the adjacent Llwyn Brain building, with a further £4m investment already underway. Llwyn Brain will become a hub for the Busnes@LlandrilloMenai provision, including the delivery of apprenticeships, professional and work based programmes.
Grŵp Llandrillo Menai Chief Executive, Dafydd Evans, said: "We have long identified that the Ffriddoedd site has come to the end of its useful life and that the young people of Gwynedd deserve better.
"Since we first presented our proposals to Gwynedd Council in 2019, we have carried out further studies to look at different options for relocating within the county.
"Parc Menai remains the only feasible location within our available funding and time frame. As a result, the Welsh Government Minister for Education has now formally approved a funding package of £11m for the Tŷ Menai move."
Dafydd added: "Given that Tŷ Menai is positioned alongside businesses, it is perfectly located for greater partnership working with industry. This will help us to ensure that the learning and training opportunities offered to young people meet the skills requirements of local employers.
"By aligning education with business, we believe that this development would also be a catalyst to reignite Parc Menai as an attractive destination for new companies.
"But most importantly, it would give the young people of Gwynedd and neighbouring counties access to the high quality educational facilities that they deserve.
"We really do hope that the Gwynedd Council Planning Committee will support our vision and enable us to capitalise on this once in a generation opportunity to create the best possible learning environment for young people to excel here in north west Wales."