A new arena and conference centre that will transform the Gateshead Quayside is in need of an extra £20m to cover escalating costs.
Council bosses are launching a second Levelling Up bid to the Government to secure new investment for the huge complex, having been rejected for funding last year. It is hoped that the centre, which will be called The Sage, will create 2,000 jobs and attract an extra million visitors to the North East once it opens in 2024.
The development will feature a 12,500-capacity arena that will replace the Utilita Arena, a conference centre, and a hotel – plus new bars, restaurants, public space and walkways along the Quayside. But construction of the venue, the price of which has previously been put at £300m, has been hit by rising costs as a result of factors including the Covid-19 pandemic and the war in Ukraine.
