Neighbourhood welcoming new stadium (5)
I believe the answer is:
arena
'stadium' is the definition.
(eg a sports arena)
'neighbourhood welcoming new' is the wordplay.
'neighbourhood' becomes 'area' (a neighbourhood is an urban area).
'welcoming' means one lot of letters goes inside another (in sense of 'inviting in').
'new' becomes 'n' (abbreviation as in New Testament NT).
'area' enclosing 'n' is 'ARENA'.
(Other definitions for arena that I've seen before include "Scene of gladiatorial contest, perhaps" , "The place of action" , "Sphere of action" , "Playing field or boxing ring" , "place for sporting contest" .)