Developer Nikal has teamed up with entertainment business Media Invest Entertainment to develop the Blackpool Central scheme, which will include three indoor entertainment centres, a hotel and restaurants.
The new indoor theme park will including a flying theatre, rides for all the family and the latest immersive virtual reality experiences.
It will also feature a new major public square for live events, such as music concerts and sporting events.
The first phase of development, which received detailed planning includes a 1,300 space multi-storey car park, set to be built by Dutch firm Ballast Needam, which will free up land for future phases which were granted outline planning by Blackpool Council’s Planning Committee.
Construction of the multi-storey car park and restoration of heritage buildings is expected to start in 2022 and will take around two years to complete.
Nikal and Media Entertainment Invest Entertainment will also prepare a detailed planning application for the wider scheme during the delivery of the multi-storey car park and Heritage Quarter.
Richard Fee, Chief Executive Officer, Nikal said: “This is a key moment for levelling up Blackpool’s visitor economy post COVID.
“Blackpool Central will help transform and future-proof the town’s tourism offer.
“Our lead investor, Alan Murphy, has been behind the project from the beginning and is delighted to see the scheme coming to fruition.
“We have worked hard to ensure that the scheme will complement Blackpool’s current attractions and wider leisure offer.
“This approach will help us to secure game-changing benefits for Blackpool – drawing in 600,000 additional visitors a year and boosting annual spend in the local economy by £75m.
“We are now looking forward to getting spades in the ground to build the multi storey car park and Heritage Quarter, which are the catalysts for delivering our wider vision.”
The scheme is a key part of the Blackpool Town Deal supported by £39.5m of government funding.