The contractor, Willmott Dixon, will undertake the project on behalf of Scarborough Borough Council and this week the company took formal possession of the site.
Between now and the end of February Willmott Dixon will set up its infrastructure and people will see hoardings appear around the perimeter of the site.
Work will start on the demolition phase of the project by early March and together with the slope stabilisation works, the project will take approximately 13 months to complete.
The stability of the cliff behind the Futurist is the number one priority for the council and Willmott Dixon.
The demolition plan that will be adopted has been created following expert analysis of the risks in great detail and establishing methods to mitigate them.
As a result of the plan, Willmott Dixon will be taking a careful, phased approach to the demolition, where the buildings will be brought down bit by bit.
Andrew Geldard, spokesperson for Willmott Dixon in Yorkshire said: “With any major engineering project, there is a certain amount of preparation required before any other work can begin, so during the next couple of months people should expect to see the various activities associated with the setting up of the site.
“We have a successful history of delivering projects in Scarborough, most notably Scarborough Sports Village and the new ground for Scarborough Athletic Football Club, as well as the new campuses for Scarborough UTC and CU Scarborough, which have all played a key part in the regeneration of the area.
"We hope that our involvement in this new project in the heart of the town will help to pave the way for a positive future for this prominent South Bay site.”
Cllr Mike Cockerill, Scarborough Borough Council Cabinet Member for said: “After our recent successful partnership with Willmott Dixon on the Scarborough Sports Village development, we are very pleased to be joining forces with them again.
"We will be working with the site team during the course of the demolition and slope stabilisation project to ensure that the impact of the works on the surrounding area is kept to a minimum and that regular communications with neighbouring residents and businesses are maintained.”