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Legal & General's £300M project to replace arena plans in Bristol, UK

Martin Rees, the mayor of Bristol, U.K., scrapped the council's plan to build an arena in the city center in favor of Legal & General Group PLC's planned £300 million mixed-use development, Property Week reported.

Legal & General's plan for the Temple Meads site includes a 345-room hotel, 550 new homes and a conference center.

At a Sept. 4 council meeting, the mayor said spending more than £150 million on an arena was "too risky," according to a separate report from the BBC.