The complex will be linked to the existing site via a sky bridge, making it the only interconnected arena, convention centre and exhibition facility in Europe.
In addition, developers will build a 200-bedroom on-site hotel, increasing the city’s bedstock to more than 6,000 rooms and encouraging even larger events to head to the city.
Leader of the City Council, Joe Anderson, who approved the complex said: "This is great news for the city and a huge statement of confidence in Liverpool. A new state-of-the-art exhibition hall will enhance the excellent waterfront facilities of the Echo Arena and BT Convention Centre, making Liverpool a top UK venue for exhibitions, events and conferences."
The new venue will be built in partnership between Liverpool City Council and ACC Liverpool and managed by the existing ACC Liverpool management team.
A feasibility study suggested the development will be "self-funding" and begin to attract "millions of pounds of new business" to the city as soon as it opens said ACC Liverpool chairman David McDonnell.
ACC Liverpool chief executive Bob Prattey added: "We have already proved that Liverpool is an attractive and compelling destination for conference and exhibition organisers. The new venue will enable us to build market share and to attract even larger and more lucrative events, helping to fill the city’s hotels, restaurants and shops with high-spending visitors."
Since it opened in 2008, ACC Liverpool has secured high profile events from the MOBO Awards to TUC and the Labour Party’s Annual Conference 2011, which will draw over 10,000 people to the city.
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