Malaysian investment firm YTL Developments will build the new arena – which is predicted to create up to 700 jobs and boost the city economy by £2.2bn over 25 years – at the Brabazon Hangars site in Filton.
Earlier proposals for venues in the city centre were rejected, but the Brabazon blueprint was approved by Bristol City Council last week.
YTL Arena Bristol’s Managing Director Andrew Billingham said: “We’re delighted that the council has entrusted us with this brilliant opportunity to put Bristol on the world stage. It is a huge step forward for our plans.
“We are committed to delivering a venue that everyone can be proud of and that will benefit not just Bristol, but the whole of the wider city region. It will be both financially and environmentally sustainable. It will be flexible to attract a wide range of events to suit all interests, from music and sport to comedy and family entertainment.
“We’re incredibly grateful to all those who have supported us and encouraged us on this journey.”