As well as regenerating the land which has been derelict for over 40 years, the council says the scheme will also provide Bristolâ€™s economy with a projected Â£832m boost over the next two decades while delivering a substantial number of affordable homes.
Alongside investment from Legal and General, Â£32m of public money will be invested to achieve the plans which also include office space to bring in annual rental revenue of Â£1.69m, and over Â£1m annually in business rates and council tax rates for Bristol City Council.
Also proposed for the site is a state-of-the-art conference centre and a 350-bed hotel.
Since 2003 there were plans to build an arena on Temple Island. However, itâ€™s now been shelved due to delays and rising costs
Bristol Mayor, Marvin Rees, called the scheme is a â€˜win-winâ€™ for Bristol.
â€˜This is a fantastic chance to bring a redundant piece of land back to life and provide jobs, homes and an economic boost in the heart of the city that all Bristol citizens will benefit from. With these plans we can continue to develop a vibrant Temple Quarter, close to the city centre, where homes, work and leisure combine to be a place that Bristol can be proud of.
â€˜This is a real example of us making business decisions and using available resources in the most responsible way so we can continue to provide the services that our citizens expect and deserve.
â€˜This is why we will work with Legal and General to deliver this scheme so we can off-set any risk to the public purse. L&G bring with them investment, financial backing and a wealth of experience and have a track record of delivering similar schemes in Newcastle, Leeds and Cardiff which have reaped rewards for those cities. This is just the kind of scheme Bristol needs to deliver.â€™
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