Joe GallopConstruction work on the new Live Nation and Oak View Group-operated Cardiff Arena (cap. 15,000) is expected to begin by the end of this year, following a Cardiff Council meeting.
According to Wales Online, the council’s cabinet will be recommended to approve a range of legal agreements at a meeting on 13 July, which will allow the arena and the regeneration of the Atlantic Wharf area to progress further.
A report that will be discussed by cabinet members will recommend that the project to redevelop Atlantic Wharf is split into two areas – the County Hall site and the Atlantic Wharf site – with both being put out to tender.
Cardiff Council’s cabinet member for investment and development, Cllr Russell Goodway, said, “The indoor arena will significantly increase footfall in Cardiff Bay, which will benefit all existing hospitality venues as well as the new developments that will be built as part of this regeneration scheme.
“There is no doubt that since the pandemic has ended, the financial climate has changed and become more challenging with an increase in cost of building materials and increasing interest rates. Given this, the project has had to adapt to ensure that it can be delivered and is affordable, so legal agreements now have to be approved so the project can proceed at pace, with work expected to start on site at the end of this year.”
Earlier this year it was announced that the completion date of the arena would be delayed by a year with costs increased by £100m.
The venue, which will replace the existing Motorpoint Arena (cap. 10,000), is expected to attract more than one million visitors and an estimated £100m into the local economy each year. The arena is part of a £500 million redevelopment project of the Cardiff Bay area.
In 2020 Cardiff Council selected a Live Nation-led consortium, which includes Oak View Group (OVG), as the preferred developer for the arena, following a competitive tendering exercise.