Cardiff County Council is spearheading the development on land at the Ferry Road peninsula, next to the 500-acre lake created by the Cardiff Bay Barrage.

Up to two thirds of the 80-acre site will be devoted to sports facilities. Central to the scheme will be an aquatic centre, featuring water rides, indoor surfing and body boarding and a 50m swimming pool to replace the demolished Wales Empire Pool. There will be a 10,000-seat arena plus a snow dome with ski runs and snow boarding and a full size ice rink. Plans also include indoor caving, ice climbing and rock climbing facilities and between 40 and 80,000sq ft devoted to health and fitness.

A supermarket will complete the range of sports facilities with a golf-driving range on the roof. The remainder of the village will be filled with two hotels, a casino, bars, restaurants and more than 1,000 apartments.

Cardiff County Council has committed £1m to kick-start the scheme, which will take around seven years to complete. The land will be sold by the council to a variety of developers pay for the project and provide a transport infrastructure. The council says a number of developers and operators have expressed and interest in the scheme, and a list of partners will be drawn up later this year.

Outline planning for the leisure and retail sectors of the scheme was submitted last year. A decision is expected in April.