A funding bid of more than £1 million was submitted to the government chief who aims to transform the Weston-super-Mare Tropicana into a 9,000 outdoor arena.
The North Somerset Council expects to turn the seafront building into an all-year-round entertainment venue after submitting the bid to the Coastal Communities Fund for cash.
In November, the authority chief has learned that their £1.1 million government cash initial bid had reached the final shortlist of projects.
Afterwards, they only have two months in preparing a more detailed bid for the cash that was submitted this week.
The final decision for the funding is expected in spring.
The cash will be used in turning the Tropicana into an all-year-round entertainment and creative hub that offers a wide range of events like live music, educational events, and theatre performances through seasonal attractions if the bid was successful.
Aside from the arena, the money will be spent on creating a rehearsal and education space, performance, and indoor event with the capacity of up to 1,000 people.
A retractable seat, sound system, lighting, staging, and a new roof will also be included.
Studios for creative professionals and workshops space will be included, as well as cycle hire centre and improved café facilities that connect the Tropicana to the coastal path.
If the project goes along, it is estimated that it will create 10 apprenticeships and 60 new jobs that will boost an additional £2.2 million per year in the local economy.
A number of celebrities, including the controversial comedian Russell Brand and actor Brad Pitt, will make a visit.
While millions of people around the world might remember Tropicana for Dismaland, the attraction’s success of the seafront has continued since the arrival of Banksy.
The council already spent hundreds of thousands to improve the buildings and turn it into a thriving and favoured entertainment centre in the resort.
The theatre is also becoming a well-known attraction at the Tropicana and has hosted a fun fair and skate park with diverse drink and food festival.