Hull City Council is looking to push the city forward after it was awarded the badge of 2017 UK City of Culture by proposing the construction of a new 3,500-capacity concert venue and conference centre accompanied by a four-star hotel.

The council would look to contribute £30m towards creating the venue, while the nearby Princes Quay owner CIT would develop a neighbouring 150-bed hotel, in combination with development partners the Wykeland Group.

The £42m project could see the construction of a venue capable of hosting exhibitions, events and concerts, while the hotel’s owners will be seeking an operator to run the four-star facility.

The development proposals are due to be heard by the council’s cabinet later this month. If approved, it is believed that construction work could start in 2015, with a completion date being sought in 2017.

It had previously been understood that the venue would push to host the BAFTA television awards in 2017, but it looks like the completion date could push past the award ceremony, with the council slating the venue as a 2017 legacy project instead.

Despite financially backing and owning the events centre, the council does not expect to run the facility and is in the process of talking to a number of potential operators who run similar facilities across the country.

The site on which the centre would be built was once earmarked for a £200m retail and leisure project, which failed to materialise due to the constraints of the recession.

If work does go ahead, the council believes that around 500 long-term jobs will be created, as the centre seeks to become an important part of the city’s local economy.