The square will become a key part of a new arts quarter
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Plans for the £160m "cultural transformation" of Southampton city centre have been drawn up.
The designs include a new arts quarter to the north of the city centre, a landmark hotel development and a multi-purpose performance, conference and ice-skating venue.
Developers Raven Property Holdings have drawn up a scheme to transform the northern Above Bar area into the city's key arts centre.
That scheme alone is worth £30m and has already secured Arts Council support.
The site of the former Tyrrell & Green department store site will be redeveloped to create 200 apartments overlooking Guildhall Square and East Park.
Olympic-sized ice rink
The ground floor will be turned over to outlets hosting visual and performing arts organisations as well as studio, retail and bar and café space.
Guildhall Square itself will be re-landscaped and the surrounding roads semi-pedestrianised.
The final phase of the city's WestQuay development will also be put up for public consultation later this year.
The scheme will include a covered arena that will host large-scale performance events and conferences as well as an Olympic-sized ice rink and seating for 5,000 spectators.
A 200-bed hotel will be developed near the arena.
Linking the arena to the WestQuay shopping centre will be the City Plaza, a landscaped area that will host outdoor exhibitions and entertainment as well as opening up a long section of the old town's medieval walls.
A spokesman for the city council said the £160m transformation would "see the creation of cultural facilities unequalled in the region".