The proposed 3,500 capacity venue will be built on derelict land behind the Princes Quay shopping centre and is expected to open in 2018.
It will be capable of hosting conferences for up to 800 delegates and will offer 2,000sqm of exhibition space, dividable break-out rooms, a restaurant, dressing rooms with en-suite facilities and an outside broadcast space. A hotel will also be built by the owners of Princes Quay as part of the scheme.
It is hoped the venue will put the city "on the map" as a destination for major events, shows and concerts, rivalling the likes of the Harrogate International Centre and O2 Academy Leeds.
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. Most importantly, it will deliver 500 long-term jobs for our local workforce and young people, which is part of the legacy that we want to deliver for Hull and the economic future we need."
The council will soon begin a procurement process to find a partner to run the venue and will appoint contractors to build the facility by the end of the year.
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