Plans have been unveiled which could see the Metro Radio Arena venue moved from Newcastle to Gateshead.
Proposals for the a multi-million-pound entertainment arena, and conference and exhibition centre have been released by Gateshead Council.
The council, in partnership, with property developers Ask Real Estate and investment and development manager PATRIZIA UK, are working with SMG Europe, to bring a 12,500 seat arena, and conference and exhibition facilities to Gateshead Quays which would relocate the existing Metro Radio Arena.
The 10-acre site which sits directly opposite the Gateshead Millennium Bridge and between Sage Gateshead and Baltic Centre for Contemporary Art is planned to include an entertainment arena, conference and exhibition centre, hotel, bars and restaurants, creating a vibrant new destination on the waterfront with access to the Quays, Gateshead Town Centre and the wider region.
The new facilities on Gateshead Quays which will be capable of holding major music and cultural events, as well as conferences and exhibitions, is anticipated to support over 1,140 jobs with well over half being newly created.
It would also attract an extra 296,000 visitors to the region and would boost the regional economy by over £29.5million annually in future years according to planners.
Gateshead Council leader, Martin Gannon said: “We’ve wanted to regenerate and revitalise this key site on Gateshead Quays for a long time and internationally recognisable facilities of this scale has always been our long term aspiration.
“Not only will they bring new life to the area but they will bring new jobs and significantly boost the local and regional economy.
"An arena and conference and exhibition facility will also play an important role in complementing and strengthening demand for national and international conferences, exhibitions and events at Sage Gateshead and Baltic, as well as acting as a catalyst for wider investment across Gateshead and further stimulating economic growth.
“We’re now more confident than ever that we can finally push forward with our exciting plans for this £200million development site.
"Working closely with our development partners, SMG Europe, local partners and the private sector, it really is time to give the North East another landmark destination and complete the picture of this truly unique, riverside site.”