The developer plans to deliver its new mixed-use scheme – dubbed Watermark WestQuay – on the former Pirelli site in the centre of the city in two phases.
Total construction is estimated at around £70m, with the first phase involving building the landmark 14-screen cinema and up to 15 restaurants and shops alongside a new public area in front of the city’s historic walls.
The second phase is set to include a 24-storey residential tower overlooking the waterfront as well as a hotel or offices and shops.
Hammerson hopes its plan will see the barren land next to its West Quay shopping centre completely transformed into a bustling area within six years.
Guy Wells, Development Manager for Hammerson, said: “Watermark WestQuay will significantly improve the town’s leisure offer and night time economy.
“We have been greatly encouraged by operators’ initial response to the scheme and hope we will be able to secure planning permission this year.”
Acme designed the masterplan for Watermark WestQuay and Barton Wilmore is providing planning advice on the project.
Arup is the structural consultant and Wallace Whittle is the mechanical and electrical consultant on the scheme.