The proposal is for a single campus for students, employers and the community.
Employment and Learning Minister Stephen Farry said the new campus will replace the current facilities in Lurgan and Portadown.
Minister Farry said: "Further Education (FE) colleges in Northern Ireland give many young people the first opportunity to experience shared education and are recognised as shared spaces for all in society, enabling them to benefit from education and training.
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"In addition to increasing the number of places available for local young people, the new college will also expand its offer under the Entitlement Framework to schools right across the area. This will mean that more pupils from single identity schools will spend some of their school day in a shared space and in shared education.
"The project will also provide employment opportunities in the construction sector. I will also ensure construction social clause contracts will make opportunities available for apprentices and for the long-term unemployed."
(CD/MH)
