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The council's cabinet approved the recommendations to sign a range of legal agreements at its meeting on 13 July, so that both the indoor arena and the regeneration of the Atlantic Wharf site can take a further step forward.
The Cabinet report recommended that the Atlantic Wharf regeneration site is split into two specific areas, with one area being put out to tender to deliver a specific development and the other to undergo further market testing to attract investment interest in the project.
The first area, Site A, includes the county hall and parts of its car park. There are proposals to put this land out to tender to deliver a specific development, which could include a new production and rehearsal space for the creative sector, alongside new offices, all with a shared foyer.
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Site B: The Atlantic Wharf site - which includes the Red Dragon Centre, the car park and Hemmingway Road is proposed to undergo further market testing, to attract further investment interest from the private sector.
Commenting on the developments, Cllr Russell Goodway, Cabinet Member for Investment and Development, said: "The Council is committed to transforming this historic part of Cardiff into a leading UK destination for leisure, culture and tourism, creating jobs and opportunities for local people. 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 the 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 now that the legal agreements have been approved, the project can proceed at pace, with work expected to start on site at the end of this year."
