A plan has been submitted to open a £67.5m, 5,000-capacity, events arena in Redcar, North Yorkshire.

Developers suggested the proposed arena could be ready to open as soon as 2024 and would be a major catalyst for the regeneration of the area. It would be located on the former Redcar Bowl site, which has stood empty for the past seven years.

The 95-page report, submitted by developers Coatham Arena Limited to Redcar & Cleveland Borough Council, has also been sent to councillors and local MPs.

Multi-disciplinary consultants, the Mott Macdonald Group, and specialist management advisors, Destination Developments, have produced the interior design, which is described as providing flexibility to provide various capacities for different types of events.

The plan also considers environmental, transport and accessibility concerns, servicing arrangements and how the project meets national, regional and local policy requirements. A build programme is included together with project costs, financing and management details.

The proposal has been welcomed by promoters. Phil McKIntyre Entertainments MD Paul Roberts said, “The return of the legendary Coatham Bowl fills me with joy. To actually promote shows there will be wonderful, it will revitalise an area that lacks good venues.”

Barry Hearn OBE, chairman of sporting event promotions company Matchroom Sport, said he would be interested in staging snooker, darts, boxing and a variety of other sporting events there.

Detailed plans are to be drawn up and a formal planning application will be made when Redcar & Cleveland Borough Council confirms plans to make the site available.