Four design companies have been shortlisted from a field of 17 international and national firms in the race to create the AU$250m North Queensland Stadium in Townsville, Australia.

BVN Architecture, Cox Architecture, Hassell and Populous will now vie for the project, with each studio asked to develop a concept design and masterplan for the project.

“The four companies have all demonstrated a proven track record in major sports stadiums,” said Queensland’s minister for state development, Anthony Lynham. “Most importantly, they have included more than 20 local companies collectively and local industry participation strategies as part of their submissions.”

The successful tenderer will be appointed by the end of the year, and a managing contractor will be appointed in early 2017.

The stadium, located on the Townsville waterside, will have a capacity of 25,000 and will host fixtures for National Rugby League side the North Queensland Cowboys. It will also include “high-quality” public spaces and community facilities that “ promote active experiences, social interaction and a broad range of sporting and cultural activities.”

The state government minister assisting the premier on North Queensland, Coralee O’Rourke, said the project would revitalise Townsville’s central business district and boost the local economy.

“The stadium project will create jobs and develop our skilled workforce during both the design and construction stages,” she said. “The Queensland Government is making the biggest contribution with up to AU$140m for the project and we are pleased all of the other parties are working with us to make this North Queensland dream a reality.”