The major regeneration project will also feature a pedestrian bridge over Oystermouth Road, a hotel, a new car park, and a digital square.
"Planning consent is in place for the Swansea Central development, a top class operator has been selected to run the digital indoor arena and we’ve started the search for a hotel operator, so a great deal of progress on our plans to transform the city centre has already been made," says Councillor Rob Stewart, Swansea Council Leader.
"But the site investigation works starting later this month and lasting several weeks into September will be the first time people see activity on site, which is further evidence of our commitment to deliver these enormously exciting plans for the benefit of Swansea people, Swansea businesses, and visitors to the city."
The Council estimates that the first phase of the Swansea Central development will be worth £11.9m a year to the local economy, and the Rivington Land-managed works scheduled for completion in 2020.
The second phase, which includes shops, restaurants, cafés, and a cinema on the former St David's shopping centre site, will proceed thereafter.