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The Ballymena company will be responsible for the design and build of the new college to a complete turnkey specification.
Patton Construction staff went on site last week, with the scheme scheduled to finish in August 2011 and supporting around 400 construction jobs.
Trevor Campbell, Director of Patton Construction, described the project as a real boost to the Patton Group, its supply chain and the entire local construction industry.
"This has been a long process, but we are delighted to have been given the go ahead to build such a landmark education project in the heart of the emerging Titanic Quarter.
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"It will be a challenging programme but we have assembled an experienced and expert team to take it forward and complete the scheme on time," he said.
Development work got underway following the signing of a contract with project coordinator Ivywood Colleges to design, build and run the campus, with Ulster Bank as financial backer.
The bank is also providing finance for the wider development of Titanic Quarter.
Richard Ennis, Ulster Bank's Head of Corporate and Property Banking, said that in addition to supporting the construction sector, the development of the new campus will also provide a boost to Titanic Quarter as a whole.
Architects for what will be Northern Ireland's largest higher education facility are Belfast-based award-winning TODD Architects.
"Our design concept of a dynamic, iconic campus located in the heart of one of the largest waterfront developments in Europe, seeks to capitalize on the opportunity that the location presents for a vibrant student village," said Project Architect Emma Logan.
"The college is a major project for the practice and is a continuation of our close involvement in the Titanic Quarter redevelopment, where we are architects for the Gateway offices, Public Records Office of Northern Ireland, and are delivering the Titanic Signature Project."
(PR/JM)
