Due to restrictions as a result of Covid-19, political and business leaders celebrated the milestone digitally.
The 3,500-capacity indoor arena at a site adjacent to the LC in Swansea city centre forms part of the Copr Bay phase one district which is being delivered by Swansea Council and funded by the council, the Welsh Government and the Swansea Bay City Deal.
Buckingham Group Contracting are building the indoor arena, which will be operated by the Ambassador Theatre Group (ATG). The attraction – which will host concerts, conferences, exhibitions and other events - is on target to open in the second half of 2021.
Cllr Rob Stewart, Swansea Council Leader and Chairman of the Swansea Bay City Deal’s Joint Committee, said: "This is a key moment in the transformation of this site and the £1 billion regeneration of Swansea city centre.
"The private and public sectors are backing Swansea with ideas, money and action - and people across our communities can be confident in the city's future.
"Swansea city centre is fast becoming a great place to live, work, study and play.
"Although this was an important moment, we took the pandemic into consideration and chose to do it virtually rather than with a traditional gathering."
The indoor arena also forms part of the Swansea City and Waterfront Digital District programme being part-funded by the £1.3 billion Swansea Bay City Deal. Other features of the programme include a cutting-edge office development on Kingsway for tech and digital businesses, as well as a box village and innovation precinct for start-up companies at the University of Wales Trinity Saint David SA1.
Funded by the UK Government, the Welsh Government, the public sector and the private sector, the Swansea Bay City Deal is being led by Carmarthenshire County Council, Neath Port Talbot Council, Pembrokeshire Council and Swansea Council, in partnership with Swansea University, the University of Wales Trinity Saint David, Swansea Bay University Health Board and Hywel Dda University Health Board.