Milwaukee Bucks – the National basketball Association (NBA) Eastern Conference franchise – has unveiled detailed plans and renderings of its proposed US$500m (£334.8m, €443.1m) arena.

Plans for the Populous-designed arena have been submitted to the city council with a view to beginning construction this summer. The arena, which is being funded by US$250m (£172.4m, €221.6m) of taxpayers’ money, is poised to open its doors for the 2018/19 season.

If the proposal is accepted, the 714,000sq ft (66,332sq m) arena will be built on 30-acres of vacant land. As well as NBA games, the facility will be used for other sporting and entertainment events, such as hockey, concerts, family shows, circuses and open-floor exhibitions.

The arena has been designed with an open concourse with “additional social spaces”, and its bowl-like shape is “optimised for basketball viewing”.

Peter Feigin, Milwaukee Bucks president, said the plans reflected “the commitment of our ownership”.

Populous senior principal Brad Clark said the design was inspired by Wisconsin’s “rivers, lakes and forests” and will act as a “catalyst” for the transformation of downtown Milwaukee.

The studio is working with Wisconsin-based architects Eppstein Uhen and HNTB on the project.