The delivery of the new 15,000-capacity Indoor Arena at Atlantic Wharf has taken another step forward, following the completion of the Full Business Case, and a report to Caerdydd Council's Cabinet to appoint a consortium as the successful bidder.
The consortium comprises Live Nation, Oak View Group as operators and Robertson as developer.
Caerdydd council said that the new indoor arena will "create a premier, UK-visitor destination, which could attract one million visitors every year and bring more than £100m per annum into the local economy".
The report to cabinet seeks approval on the Full Business Case, the Development Agreement and associated legal documents to deliver the new indoor arena and to formally appoint the Consortium as the successful bidder.
Caerdydd council said that delivering a new indoor arena is "widely regarded as the missing piece of city infrastructure needed to cement Cardiff's international reputation as a major events city".
It has been a long-standing ambition and aspiration shared by successive council administrations, which have retained a ring-fenced budget since 2006 to help make a private-sector led proposal, supported by the council, a reality.
Cabinet Member for Investment and Development, Cllr Russell Goodway, said: The city's business community have backed the project for many years, particularly the hospitality sector. The new indoor arena will be a top tier UK visitor attraction and the financial benefits that it will bring to Butetown and the wider area will be significant - with up to 2,000 jobs created during the construction phase and a further 1,000 jobs in operation when the Atlantic Wharf masterplan becomes a reality.
"Through the Atlantic Wharf masterplan, significant improvements will be made to the public realm and to transport links, and there is no doubt that the regeneration of this site will kick-start the next phase of regeneration in Cardiff Bay.