Plans for a US$477m (€350.5m, £284.5m) downtown arena for the Sacramento Kings basketball team are likely to soon become a reality, following the City Council’s recent decision to approve development plans.

The new venue has been designed by architects AECOM and will seat in the region of 18,500 people when completed.

Once work gets underway later this year at the Downtown Plaza complex, it is believed that Turner Construction will handle the majority of the build, while Icon Venue Group will manage the project.

The ground will mainly play host to the Kings during their home fixtures, though there are also plans to host other indoor sports and music concerts.

As part of the development, the team’s owners are also seeking to build hotels, shops and restaurants around the ground.

Following the council’s approval for the build, a 35-year deal will see the city be responsible for a US$223m (€163.8m, £133m) subsidy, while also taking care of US$21.9m (€16.1m, £13m) annual in debt service that would be paid through lease payments from the Kings and a projected increase in parking revenue.

In response, the team is being asked to contribute US$254m (€187.3m, £152.m) to help construct the arena and develop its surrounding area.

Once work is complete, the Kings will move from their current home at the nearby Sleep Train Arena.