Plans for a £250 million, 15,000 seat Cardiff indoor arena that is currently expected to open sometime during the second half of 2027 received an update this week, as things have been officially confirmed with the signing of a development and funding agreement, according to Wales Online.
The contracts have been exchanged between Cardiff Council, global venue and entertainment operator Live Nation Entertainment and its partner OVG (Oak View Group) who are set to operate the arena, as well as Robertson Property as development partner.
The massive project is at the center of a dedicated transformation of Atlantic Wharf in Cardiff Bay with a 30-acre mixed-use development. Inflation impacted the project over the last few years, adding £100m to the cost but Live Nation, who will operate the arena under a 45-year lease with the Cardiff Council, has officially agreed to make a £100m financial contribution towards the project.
The arrival of the arena will be a major boon to the area, providing a significant boost to the Cardiff economy that will likely impact the wide city region as well.
“The current administration has made it clear from the outset that the council is committed to transforming this historic part of Cardiff into a leading UK destination for leisure, culture, and tourism, attracting more people to visit the city and we hope we can encourage them to stay a little longer” Leader of Cardiff Council Huw Thomas said.
“The project did need to adjust following significant changes in the economic market conditions following the pandemic, but I am delighted this has now been resolved and the final legal agreement has been signed so the detailed preparation works can take place and the construction can begin.
“The arena will significantly increase the number of people visiting Cardiff for events and concerts, benefitting existing hospitality venues as well as the new developments that will be built as part of this regeneration scheme. The increased footfall will also complement the new Metro transport extension to Cardiff Bay, as well as improving Cardiff’s credentials to attract more and bigger events to the city.”
