Bangor University (BU) has unveiled the design for a new £35m arts and innovation venue, which is to be developed in the North Wales city.

The Pontio Project - a name derived from the Welsh word for "to bridge" - will boast a theatre with a capacity of between 450-550 seats; a cinema space and a studio theatre. An outdoor amphitheatre, bars, dining and park areas also form part of the public performance spaces, which aims to become a "major focus" for Welsh culture.

Meanwhile, the development is set to include a dynamic innovation hub, new teaching facilities and a new home for BU's students' union. Designs for the Pontio project, which is being backed with £15m of Welsh Assembly Government funding, have been drawn up by consultants Atkins, Grimshaw Architects and Arup.

BU deputy vice-chancellor Professor Fergus Lowe said: "This is the project that will put Bangor on the map and will help to regenerate the city's urban heart. "It will provide a centre of such remarkable innovation and artistic excellence that it is sure to draw the attention of people from near and far."

The new venue is scheduled to open in 2012.