The 1,200-seater Marine Lake Events Centre is expected to bring more than half a million visitors to Southport year on year, while generating an annual £18m for the local economy.
The new development will also provide theatre space, alongside conference and exhibition space to accommodate a wide range of events, a café and signature restaurant.
The plans also include a new Water and Light show installation on the Marine Lake, with the working title of ‘The Light Fantastic.’
Cllr Marion Atkinson, Sefton Council’s Labour Cabinet Member for Regeneration and Skills, said: “Feedback from our recent consultation showed that 84% of residents and key stakeholders are just as passionate about the Marine Lake Events Centre as we are.
“These exciting and innovative designs will help attract a diverse range of quality events to the town all year round.
“The public recognises our ambitions to boost Southport’s cultural offer and visitor economy, as well as ultimately to support local businesses and increase spend.
“Our plans for the Marine Lake Events Centre and Water & Light Show directly compliments the ongoing and continued investment Sefton Council makes toward improving the future of the town for our amazing communities and visitors.”