The Madison Square Garden Company (MSG) has submitted plans to the London Legacy Development Corporation (LLDC) for the MSG Sphere – a multi-use entertainment complex slated to become the city's largest music venue.

The 21,500-capacity arena will be situated on a 4.7-acre site in Stratford and play host to a variety of events, such as concerts, conferences, and sporting matches. Its campus will also comprise restaurants, parks, retail areas, a nightclub, and an outdoor gym.

The master plan for the MSG Sphere was drafted by veteran stadium architects Populous, the firm behind Wembley Stadium and, most latterly, the Tottenham Hotspur Stadium.

Speaking on the project, Jayne McGivern, MSG's executive vice president of development and construction, said it would become a "premier destination that serves as a long-term investment in the future of Newham, London, and the UK".

"This is an opportunity to take an inaccessible coach park and use it to support thousands of jobs, and billions of pounds of economic benefit," she explained.

When it was first announced in early 2018, the scheme quickly garnered the support of London mayor Sadiq Khan, who called it a vote of confidence in the UK. Khan subsequently met with MSG's president, Andrew Lustgarten, on 18 October.

According to an assessment carried out by Ernst & Young (EY), the building – once open – could generate £2.7bn (US$3.5bn, €3.1bn) for the UK economy.

Renderings released for London's state-of-the-art MSG Sphere arena

Madison Square Garden Company reveals dramatic plans for 'the future of live entertainment' in London