Morrison Construction has won the contract to build the White Water Canoe Centre for the London 2012 Games.
Work on the project, which is based in Broxbourne, Hertfordshire, will start in June.
After the Games, the venue will be developed to become a sporting and leisure facility for canoeing and white-water rafting, as well as a major competition venue for elite events.
The Centre will be owned, funded and managed by Lee Valley Regional Park Authority, who own the site which is part of the River Lee Country Park.
Olympic Delivery Authority chairman John Armitt said: “Securing a leading contractor for Broxbourne is an important step towards delivering first-class facilities for the world’s best athletes in 2012 and leaving the lasting legacy of a major leisure attraction for many years to come. We’re on track to start construction work in the summer.”