It is understood financial close of the project took place last week.
The new campus is set to open in early 2016 and will cater for 5,000 students each year.
Welcoming the news, First Minister Alex Salmond said: "I am delighted that financial close has been reached on the new £53m Kilmarnock Campus. Not only will the building deliver state of the art learning facilities for the students of Ayrshire College, but the development will deliver over 170 construction jobs, create eight apprenticeship places and deliver numerous work placement and training opportunities."
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Heather Dunk, Principal of Ayrshire College, added: "This is a historic occasion for Ayrshire College. The Kilmarnock Campus will totally transform Hill Street and the surrounding area. The innovative campus building will offer world class facilities for students, as well as being an excellent resource for local people, businesses and the wider community in Ayrshire. This is a tremendously exciting time in the development of Ayrshire College and I look forward to the campus opening its doors to students."
Councillor Douglas Reid, Leader of East Ayrshire Council, commented: "It is tremendous news that work can now begin on the new college which will transform the educational landscape of Kilmarnock and Ayrshire."
The development is the start of a 25-year contact with C3 – a consortium of 3i Infrastructure plc, McLaughlin & Harvey Ltd and SPIE FS Northern UK Ltd.
(JP/MH)
