The preferred site for the Hub was identified last year following a public consultation.
Translink Group Chief Executive Chris Conway said: "We are committed to making public transport Your First Choice for Travel in Northern Ireland. This major project along with our recent progress on the Derry-Londonderry Railway Line upgrade and continued investment in new bus and coach fleet demonstrate our ongoing commitment to transforming local public transport infrastructure to attract more people to use better active travel modes."
-- Advertisement --
Infrastructure Minister Chris Hazzard welcomed the announcement.
He said: "I have previously outlined my commitment to reducing the infrastructure deficit in the west. The upgrade of the Coleraine to Derry railway line is substantially completed and this announcement is another welcome boost for public transport in the area.
"This is an important milestone for this ambitious project which will consist of new train terminus accommodation, an enhanced park and ride scheme with approximately 100 spaces and additional facilities to promote sustainable and active travel options in the region. It can be seen as part of wider plans to improve public transport in the City."
(CD/LM)
