Bangor University's (BU) plans for the development of a major new arts and innovation complex have received a £27.5m boost.

The Welsh Assembly Government and European Regional Development Fund will help fund the £35m Pontio project, which will provide a "major focus" for Welsh culture. Due to open in early 2013, the proposed complex has been designed by consultants Atkins, Arup and Grimshaw Architects.

Facilities will include an Innovation Hub; teaching facilities; and a number of indoor and outdoor performance spaces, such as a theatre and cinema space. Cafés, restaurants and parkland are also proposed as part of the scheme, which is expected to create 900 jobs.

BU deputy vice chancellor Professor Fergus Lowe said: "Pontio will be a cultural beacon for Wales and a champion of the Welsh language."