Plans to replace the old grandstand will be submitted to the city council next month. If approved, the club says it hopes to start work in the autumn.
Argyle owner James Brent, who is behind the development, said he wanted to create a “sporting, leisure and cultural destination” for the region at Higher Home Park.
He also said the the development would go ahead regardless of The Pilgrim’s success on the pitch.
The first phase will see a 400-space car park built on the existing car park and Argyle offices, and under the present Mayflower stand.
The new stand and a 1,500-seat ice arena will be built above the car park.
