The Homes and Communities Agency (HCA) has selected London-based Allies and Morrison to create a master plan for the Arena Island in Bristol.
Located next to the Temple Meads station within the Temple Quarter Enterprise Zone, the new Bristol Arena will have the capacity to seat 12,000 people and will host rock concerts and other major events.
Earlier this year, the Bristol City Council and the West of England Local Enterprise Partnership approved a £91m investment for the scheme.
In addition, the HCA is investing more than £11m to construct a new bridge that will connect the arena to the rest of the enterprise zone.
HCA head of the area David Warburton said: "We wanted a world-class, highly experienced team to help us put together a master plan to shape the new quarter at Arena Island.
"This work will be an important part of creating the buzz that's needed to form a place on a par with the best innovative cities in Europe, where new ideas and innovative thinking will spark off its surroundings and thrive.
"This builds on the progress being made with the infrastructure being installed at Arena Island, which is progressing well and remains a vital element of unlocking this site to major development."
The new arena is expected to create around 1,500 temporary construction jobs, hundreds of permanent jobs and generate up to £50m a year for the local economy.
UK Communities Minister and Bristol West MP Stephen Williams said: "Bristol city centre has already been transformed through the government and local enterprise zone's support for the area, with run-down buildings redeveloped and turned into thriving businesses.
"Part of the on-going transformation of the city centre is the planned building of Bristol Arena, giving the city its first world-class entertainment venue, supported by the council, enterprise partnership and government."
Preparatory work on Arena Island began in May and the master plan will be created by the end of the year. Work is expected to start by 2016.
Image: An artist's impression of the Bristol Arena. Photo: courtesy of Bristol TempleQuarter enterprise zone.