Exciting times ahead for Cardiff as a stunning 16,500-seater indoor arena is set to redefine Atlantic Wharf! 🎉 Expected to be the centrepiece of a massive £1bn development, this arena promises to boost the city’s economy and cement its status as a hub for music and culture.
But how is this megaproject being funded? 🤔 Cardiff Council joined forces with Live Nation Entertainment, a global powerhouse in the entertainment industry. Initially pegged at £150m, the project’s costs have doubled to £300m due to post-pandemic challenges and inflation. Yet, Live Nation is stepping up with a staggering £150m investment, confident in the arena’s long-term profitability.
Strategically located on a car park adjacent to Cardiff Council’s Atlantic Wharf HQ, the arena will be the heartbeat of a vibrant mixed-use development featuring new homes, offices, hotels, and more. 🌆 With three events per week drawing in a million visitors annually, it’s set to create around 1,000 jobs and pump life into the local economy.
While the council is shouldering £150m through short-term borrowing, higher interest rates have temporarily stretched finances. However, Live Nation’s significant rental payments (adjusted annually with RPI) are expected to cover costs over the 45-year lease. In case they opt out early, the council has backup plans to keep the arena thriving.
Construction prep has already begun, with hopes to open doors in 2028. 🚧 Alongside the arena, Cardiff is enhancing its urban landscape with a new council HQ, potential exhibition spaces, and improving transit links like a proposed tram-train network.
This mega-arena is more than just a building—it’s a symbol of Cardiff’s vibrant ambitions, aiming to invigorate local communities and drive economic growth. Cardiff leader Huw Thomas couldn’t have said it better: it’s a game-changer! 🎶💼 #CardiffArena #MusicCity #EconomicGrowth