Southampton City Council (SCC) has confirmed plans to create a new cultural quarter in the heart of the city centre, which is set to include a new multi-million pound heritage museum and a revamped art gallery.

The cultural quarter development is designed to complement plans for the creation of a new arts complex and the refurbishment of the city's Guildhall Square, as well as providing a new space for people to enjoy a range of theatre, dance and outdoor performances Plans for the new £15m Sea City Museum attraction will outline Southampton's maritime heritage through to the modern day, which is set to be heavily influenced by the city's part in the story of the ill-fated Titanic.

The proposed art gallery revamp will feature a new exhibition space to be shared with the museum, which will host both temporary and travelling heritage and arts exhibitions, provide more space in the existing gallery to house additional permanent collections. John Hannides, SCC cabinet member for leisure, culture and heritage, said: "To make this vision a reality the council is exploring various ways of raising the money needed to fund it. Options include sale of property assets, prudential borrowing, fundraising from charitable trusts and foundations, and partnership opportunities with other relevant organisations.

"We are also talking to a host of professional bodies to look at the viability of selling selected items from the council's art work to raise some funds." The development of the new museum is expected to be funded by the council and the Heritage Lottery Fund, while any plans to sell off selected art works to fund the proposals will have to meet strict guidelines set out by the Museums, Libraries and Archives Council and the Museums Association.

Local residents and stakeholders will also be consulted as part of the process.