Hull city council has confirmed plans for a new £36 million events centre.
The council estimates the proposed 3,500 capacity venue will attract 240,000 visitors spending £13.8 million a year and create 500 jobs.
An area behind the Princes Quay shopping centre is the chosen site and is expected to open in 2018.
The proposed building will allow for conferences of up to 800 people and 2,000sqm of exhibition space for a range of shows.
The new venue will also include dividable break-out rooms, a restaurant, dressing rooms with en-suite facilities, an outside broadcast space and acoustics suitable for conferences and amplified music.
Councillor Steven Bayes said: "A high-quality, purpose-built events and conference centre is absolutely essential to making Hull a top visitor destination and to secure a long-term legacy from our year as UK City of Culture.
"Put simply, a city of Hull's size needs a facility such as this."
A hotel will also be built by the owners of Princes Quay as part of the overall scheme.
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