The Foster-designed complex has a curved street topped by a glazed canopy. The 40 acre site will also contain a public transport exchange, homes, a theatre, and leisure centre.
Construction work is expected to begin later this year with completion due in 2006. It will be project managed by ING and Mace.
ING is working on the project in partnership with Hull council, local development agency Yorkshire Forward, and English Partnerships.
Ian Pearce, chief executive of ING Real Estate, said the development would provide Hull with a top class transport interchange. He said it would include three public squares and an open plaza in front of the main entrance to Ferensway.
The transport interchange has been designed by Wilkinson Eyre. ING's team also includes architect Holder Mathias, QS Deacon and Jones and consultant White Young Green.