A massive new indoor water park and sports village is proposed to be built at the National Bowl, generating 650 jobs for Milton Keynes.
The £26 million development will also accommodate MK Cycling and could become a base for International team training camp for the Rugby World Cup 2015.
Milton Keynes Development Partnership this week granted Moirai Capital preferred bidder status* for the project.
The decision marks the end of a marketing process that started last summer.
The all-weather water park will be the largest in the UK and is expected to put MK further on the tourist map.
And the new sports facilities will improve the city’s competitive position as a major UK event venue, say MKDP.
John Duggan, independent chairman of MKDP, said: “Moirai’s proposals offer an exciting opportunity to enhance MK’s leisure offer and provide a major tourist attraction that will boost Milton Keynes’ profile as a vibrant and exciting place to live and visit.
“The recent announcement of major concerts by Kings of Leon and Pearl Jam reinforces the Bowl’s standing as a major concert venue.
Mr Duggan added: “Moirai will continue to work closely with Gaming International and LiveNation into the future and it is anticipated that the Bowl’s reputation as an event venue and leisure destination will grow significantly.”
The partnership’s selection of Moirai Capital as the preferred bidder was based on its overall ability to satisfy the criteria spelt out in the marketing brief.
Its proposals will now be subjected to ‘due diligence’ before entering into a contractual commitment.