Plans have been approved for a 19,000-seat, multi-use indoor arena in Belmont Park on Long Island, New York.

The US£1.3bn venue is set to become the new home of National Hockey League (NHL) franchise New York Islanders.

As well as the indoor arena, the project includes a 350,000sq ft entertainment complex and a 250-bedroom hotel.

The plans were approved by the Empire State Development Board – the New York state body responsible for economic development in the region.

The ambitious project is being driven by New York Arena Partners – a company set up to develop the venue. The venture is jointly owned by the NY Islanders, sports development specialist Oak View Group and real estate company Sterling Equities.

The project's current design team comprises JRDV Architects, Populous and Stantec.

Construction on the arena is expected to begin later this year, with a completion date set for mid-2021.

NY Islanders has been looking to move to a permanent new home from its current Nassau Coliseum arena since 2004. In recent years the franchise has also played home games at the Barclays Center – an indoor arena located in Brooklyn, New York City, which is also home to the Brooklyn Nets of the National Basketball Association,

"Today marks a historic occasion for the New York Islanders and our amazing fans," the Islanders said in a statement.

"We are on schedule to have our new home open for the 2021-22 season."

ESD board chair Howard Zemsky added: "We are proud of the open, public process this project has gone through over the last two years, strengthened by the input and support of community members who made their voices heard and helped improve the plan, resulting in today's positive outcome.

"We are committed to continuing to work with New York Arena Partners, community members, and local leaders to deliver on the thousands of jobs and billions in economic activity this project will create."