The £37.5m project to deliver Chester's eagerly awaited theatre, library and cinema will be called RE: NEW, Cheshire West & Chester Council said.
The former Odeon cinema in Northgate Street will open in 2016, the council said. Funding is expected to come mainly from the council's capital budget. The council is also applying for grants from Heritage Lottery Fund and Arts Council England.
Cllr Stuart Parker, executive member for culture and economy, said: "RE: NEW is a fitting name given this project is all about breathing new life into an iconic 1930s building.
"The name also signifies the enormous regeneration potential of the new cultural centre. We estimate its economic impact to be £21m per year – creating jobs and bringing wealth into the region.
"RE: NEW can already been seen on the Commerce House demolition site and the name will be used in a variety of imaginative ways as this exciting development gathers pace."
Andrew Bentley of Chester Performs, the Chester-based arts producer which will run the new theatre, said: "It couldn't be a better name for this truly transformational project. The new cultural centre will completely transform the city's main street, and its night-time economy, in a truly inclusive and family friendly fashion. It's so heartening to see first signs of the building starting to take shape."
The project will combine a new building housing an 800-seat theatre with the refurbished grade 2-listed Odeon, containing library, café, study spaces and cinema.