The Xcel Conference Centre is being developed on the Aycliffe Business Park in Newton Aycliffe, possibly providing a rival to Leeds and Newcastle venues, becoming the largest between Harrogate and the Tyne and Wear city.
It is thought that the creation of the events facility will lead to investment in the area, as well as creating jobs.
Phil Wilson, MP for Sedgefield, told the Northern Echo that it was a "fantastic opportunity" for Newton Aycliffe.
"It will attract new people and businesses to the area and is an excellent facility for both the surrounding community and the north-east," he said.
Meanwhile, plans have been submitted for a £30 million theatre and conference centre in Chester city centre, which aims to bring the city in line with European cultural destinations such as Bruges, Avignon and York.