Palmerston North's new Arena is touted to be the country's regional sports and events capital.
The city council's intention is to 'develop a quality, fit-for-purpose regional sporting and entertainment hub'.
At the Palmerston North City Council's launch, CPRW architect and director Wade Jennings said the detailed design would be finished this month and the tender for the build will also go out to tender.
Building of the master plan will begin after the April Military Tattoo.
The new build will include a new Arena grandstand, corporate suites, an all-weather artificial turf, a new plaza and commercial entranceway and purpose-built speedway pits.