Malaysian investment firm YTL has submitted its planning application to transform the Brabazon hangars into a world-class music venue.
Plans include a walkway modelled after Wembley Way, 36 'Brabazon Steps' and a 75m bridge.
The new entrance will be raised above the existing hangar floor, looking out over the runway at Filton Airfield where Concorde first took flight.
The central hangar will be home to the main music festival, while the east and west hangars will be transformed into a Festival Hall and 'The Hub.'
Festival Hall will host exhibitions and conventions as well as opening up for large scale events.
The Hub will be filled with small or start-up businesses, food and drink, and leisure facilities.
Plans have been submitted to Bristol and South Gloucestershire councils - if they're approved, the new arena would be the third largest in the UK after London O2 and Manchester's M.E.N arenas.
The project's Managing Director, Andrew Billingham, has said the complex will create more than 500 new jobs and generate £1.5 billion locally over 25 years.
We’re building much more than just an arena - it’s a 365-day entertainment destination inside the iconic Brabazon Hangars that will create new jobs, bring new business to the region and enhance Bristol’s position as a leading European city.
The plans are not without controversy, however, with the former Filton airfield being located on the outskirts of the city.
Plans therefore include a Temple Meads to Brabazon station rail link and a new metrobus route.
If the proposals get the go ahead, YTL plans to open its doors to the public in early 2023.
Mr Billingham has been speaking to ITV West Country's Richard Payne: