An international competition was launched today to find a high-profile company capable of designing and financing an iconic building for one of Bradford's most prestigious sites.

Bradford Centre Regeneration (BCR), which owns the redundant building on the city centre site of the famous Odeon cinema, has invited companies across the globe to express interest in developing a top quality scheme.

They will have to have proven track records in producing iconic developments in other towns and cities.

And BCR - a joint venture company set up to breathe new life into the city - will have to be convinced they can produce the funding to bring it to fruition.

The redevelopment of the site in Princes Way, currently occupied by the 1930s building, is the biggest project undertaken so far by BCR.

The new building would be a key focus point as the city's masterplan, created by top international architect Will Alsop, emerges. Consultants Turner & Townsend have been appointed project managers and the final decision will be based on the viability of the proposal, track record of the company and financial feasibility of the plan.

The shortlisted firms will be asked to submit designs which will then go on display in the city centre giving the public the opportunity to express their views. The feedback from the exhibition will then be considered by BCR towards the end of this year.

Almost 700 readers took part in a Telegraph & Argus poll on the future of the 1930s building last October.

More than 80 per cent wanted an outstanding new building on the site, but with the famous two towers retained or replicas being made. However, no restrictions would be put on bidders who would be given a free hand to come up with ideas for the site.

The new building could have a range of uses including a concert hall, conference centre or other cultural uses complementing nearby facilities including the Alhambra Theatre and National Museum of Photography, Film and Television. BCR Chief Executive Maud Marshall said they had an open mind and had no preferred option for the site. She added: "What matters is that Bradford gets a building, the design and functions of which reflect the dynamism and talent, while complementing the richness of its architectural culture."

Companies can get details of the competition or submit expressions of interest by visiting www.bradfordurc.co.uk