The Mill Quarter project will be located on the site of the Thimblerow car park in the city centre.
The project will comprise of restaurants and bars, speciality shops, a cinema, gyms, housing and a multi-storey car park.
Over 350 construction and supply jobs are expected to be created by the works, along with 150 jobs while attracting 300,000 visitors per year once finished.
The contract was secured by Perth and Kinross Council, while being helped by collaborative marketing undertaken by the Scottish Cities Alliance, a partnership between Scotland's seven cities and the Scottish Government.
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Expresso Property has been selected as the preferred developer for the site.
Deputy First Minister John Swinney said: "If Scotland’s cities thrive so too does the rest of the country, and I am pleased to announce this exciting new £30 million venture for Perth.
"By providing a unique new destination for restaurants, retail and leisure, the Mill Quarter development will boost the local economy by creating jobs and attracting visitors to the area.
Nicholas Robinson of Expresso Property said: "We are delighted to have been selected to create this new leisure quarter making it an ideal location to live, relax and entertain in the heart of the City.
"We are particularly focused on developments in Scotland. We have been impressed by the support given by local government and their agencies in making things happen.
"That forward thinking has been crucial in establishing the real business case for this development here in the heart of Perth and we are now excited to get the project underway."
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