Spread over a 650,000sq mtr area, the cruise facility will provide a 13,600sq mtr terminal and parking for more than 100 buses and taxis.
It will be part of a mixed-used development housing a congress centre, hotels, retail and entertainment, office space, houses and a marina for 800 standard yachts and 200 mega-yachts.
The new facility is located 10km from Istanbul Ataturk Airport and 8km from the historic sights at Sultanahmet.
Istanbul is a key homeport for lines offering butterfly itineraries into the Black Sea and Aegean, said Tura Turizm owner Erkunt Oner, a backer of the project.
The new facility should come on stream by 2013, according to Ozge Nadia Gozum, project coordinator of Istanbul Seaport developer Renaissance Development.