Plans for the £496m London 2012 Olympic Stadium have been unveiled.

The American-style, bowl-shaped stadium – to be situated in Stratford, East London – will have a capacity of 80,000, but will be converted to a 25,000-seat stadium after the Games by removing the top tier.

Seb Coe, chair of the London 2012 Organising Committee, said: “We talk a lot about milestones, but few will be more important than this, the unveiling of the Olympic Stadium, which will be the centrepiece of our Olympic Park.

“The stadium will stand for everything we talked about in the bid: it will be inspiring, innovative and sustainable – the theatre within which the Olympic and Paralympic Games will be played out and leaving behind top-class sporting and community facilities after the Games.”

Olympics minister Tessa Jowell added: “The designs unveiled today are stunning – a truly imaginative and original concept.

“But this is only part of the story. We will ensure that the Olympic Stadium leaves a lasting legacy for London and the UK – a flexible venue with athletics at its heart, but also capable of multi-sport, educational and community use.

“This is the strength of London 2012 – the fusion of planning for Games time and legacy from the outset, which will ensure that the Olympic and Paralympic Games will be a force for good for generations to come.”

The stadium was designed by HOK Sport Architecture – responsible for Arsenal’s Emirates Stadium and the Telstra Stadium in Sydney, Australia – and will be built by Sir Robert McAlpine.

Construction is expected to start next April and should be completed six months prior to the start of the Games.