The council has earmarked the site for an ice arena, with seating to accommodate ice hockey and other events, indoor ski slope, hotels, restaurants and cafes.
Funding for the project is coming from Gateshead Council’s own capital programme, One North East and Gateshead College.
The council is proposing to sell the freehold interest in the site, worth up to £5.3m.
Work is expected to start in March 2012 and run for three years.
The deadline to submit pre-qualification questionnaires is 18 August.
