The town playing host, Weston-super-Mare, is currently in the midst of a regeneration process. In recent years the Somerset town has seen a decline in tourism numbers, major industry closures, low wages and very little jobs that can secure people to stay; consequently the younger generation are moving away to bigger cities.
Local council members believe this could be what's needed to revive the seaside town.
Councilor Nigel Ashton, leader of the North Somerset Council, said in a statement that the project will hopefully draw in thousands from all over the globe, which will demonstrate the valuable opportunities for the seaside town.
"Cultural development is central to a modern, vibrant urban environment, and I look forward to discussions with businesses who can see the potential for long-term cultural and capital investment in the town."