The cornerstone has been laid to kick start the building of the new development, which will open in summer 2011.
The Lido is one of the oldest swimming pools in Derbyshire but council bosses have promised its replacement will be a state-of-the-art facility.
It's being built on an area of land off the A6 between Matlock and Darley Dale.
Geoff Stevens, the deputy leader of Derbyshire Dales District Council, said it was a significant day for Matlock.
He told BBC Radio Derby's Andy Potter: "I'm personally excited and delighted. It's absolutely fantastic to get to this stage and see the work actually starting.
"The Lido was one of the first public pools to be built in Derbyshire, which was very forward-thinking of Matlock Council at that time.
"But things have to move on and once that centre closes and this one opens, there will be no comparison between the facilities.
"It also opens up the regeneration of Matlock town centre so it has several aspects to it."
People in Matlock have been waiting a long time for the new building following the closure of Sherwood Hall Leisure Centre in 2007 and Mr Stevens acknowledged it had been a difficult time. He said: "We know people have had a bit of pain and so have we but we always had this goal to have the centre here.
"Sherwood Hall was an old drill hall which had passed its sell-by date. In this facility they are going to have one of the best leisure centres in Derbyshire."
The new sports centre will feature a swimming pool, a fitness centre and a cafe.
"The Lido was one of the first public pools to be built in Derbyshire, which was very forward-thinking of Matlock Council at that time.
"But things have to move on and once that centre closes and this one opens, there will be no comparison between the facilities.
"It also opens up the regeneration of Matlock town centre so it has several aspects to it."
People in Matlock have been waiting a long time for the new building following the closure of Sherwood Hall Leisure Centre in 2007 and Mr Stevens acknowledged it had been a difficult time. He said: "We know people have had a bit of pain and so have we but we always had this goal to have the centre here.
"Sherwood Hall was an old drill hall which had passed its sell-by date. In this facility they are going to have one of the best leisure centres in Derbyshire."
The new sports centre will feature a swimming pool, a fitness centre and a cafe.
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