By Gee Harland
Plans have been revealed for a new site to be built in Cardiff Bay which will include bars, restaurants and waterside apartments.
In total, the 15,000-seater indoor arena is estimated to be £500m in value and could see the following for shoppers and tourists: 200,000 square feet of retail space, 50,000 square feet of restaurants and bars, 45,000 square feet of leisure space and a 12-screen cinema complex. The complex will also include 40,000 square feet of office space, a 350 bedroom hotel and a range of waterfront apartments. All of the above will be facilitated for by a 2,000 space multi-storey car park.
These plans come after the success of the Red Dragon Centre in the Bay, an indoor arena owned by the British Airways Pension Fund. The indoor arena includes bowling, a cinema and restaurants.
The Red Dragon Centre was revealed last year by the council to be the preferred location for the new 500m scheme.
However, Cardiff Council have been questioned over how they could finance acquiring the site and building the new indoor scheme.
It was the revealed that Cardiff Council intends to move its headquarters just yards from the Red Dragon Centre, which if approved, provides an extra 15 acres of land alongside the centre.
News of this move has boosted the financial stability of the scheme. However, this is not to be confirmed until May.
Over the past few weeks, the leader of the council, Huw Thomas, has been taking meetings with potential investors.
Though, it has been revealed that Cardiff Council could also generate a capital contribution towards the project. This contribution comes from the redevelopment of the existing 5,000 capacity Motorpoint arena in the centre of Cardiff.
Mr Thomas claimed: “These are our plans to continue to develop as a world-class visitor destination”.
“The opportunities for growth and to deliver a game-changing project are here. Cardiff is the fastest-growing city in the UK with the best quality of life in the country. We are an events capital with 22 million visitors every year.
“£2bn of regeneration has already been delivered in the Bay and this is the next half a billion project which we want to bring on stream.”
Plans are still in development and Capita is advising Cardiff Council on the Cardiff Bay project.