The 64,000-square-foot facility will be built on a plot of grassy land off Columbia Avenue. It will include an 800-seat concert hall, with a main floor and balcony.
"There's never been a hall dedicated strictly to music in the greater West Michigan area," college spokesman Mark DeWitt said.
The center is named for Miller, a former president of the Howard Miller Co.
"Dad went to Hope College and we've had a long relationship with Hope," said Miller's daughter, Meg Miller Willit. "And second, dad has had a long love of arts."
Hope College already creates hundreds of thousands of dollars in revenue for the local area, college and city officials say.
"There's lots of ways we've encouraged people to come to the downtown area and this is one more venue," Holland City Finance Director Tim Vagle said.
City leaders say the music center near downtown is not only a geographic advantage, but also a seasonal one because it gives a boost during the slower winter months.
"In the summer, there's lots of beach traffic, folks visiting here to see Lake Michigan," Vagle said. "In the winter months, Hope College provides lots of activities and this will provide even more activities for the folks."
Groundbreaking could begin as early as October. The project is expected to be completed in the fall of 2015.