An 11,000 seat entertainment centre linked to McDonald Jones Stadium is the first priority for Hunter Park after completion of a business case for the precinct.
A masterplan for the Broadmeadow site includes a new entertainment centre, an aquatic centre, hotels, an eat street and residential/mixed use facilities, which would contain 2,700 dwellings for up to 6,400 residents.
The first stage would be a new entertainment centre double the size of the existing facility.
A concept video, which can be viewed on the Herald website, shows a multi-purpose entertainment arena linking to the stadium via a public plaza. The site would take in the existing harness racing track, meaning it would need to be relocated.
Private operators have shown interest in delivering a hotel as part of the first stage.
But the challenge will be funding. The relocation of harness racing is expected to cost $50 million alone and the entertainment centre, upwards of $350 million.
The NSW government declined to comment while NSW Labor said it had not seen the business case, and wouldn't make a policy decision until it had reviewed it.
The project is forecast to produce a $3.6 billion output for the state, and $3.1 billion for the region, as well as create 1,250-1,900 construction jobs and 1,183 ongoing jobs in the Hunter region.
It is also set to save more than $30 million on maintenance over 10 years on the outdated entertainment centre.
Newcastle lord mayor Nuatali Nelmes said Hunter Park "ticks every box".
"I'm advised it has a very strong business case," she said.
"There is more than one billion dollars funding available in the NSW Governments Restart NSW grant program for provincial projects such as Hunter Park.
"This project would deliver housing for 6400 people, which is, vital during this housing crisis. Furthermore, the plan includes the equivalent of 25 football fields of public space together with an all-year round leisure and aquatic facility.
"Hunter Park requires NSW government funding and support to get off the ground as soon as possible."
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