Live Nation is joining CIM Group's Centennial Yards project in downtown Atlanta, a $5 billion development that is one of the largest mixed-use projects under construction in the nation.
The California-based entertainment company signed a long-term lease to manage the planned 5,300-seat venue, which will be located among the apartments, hotel, restaurants and virtual reality experience at Centennial Yards, according to a news release. The music venue is a new addition to the 50-acre project that is transforming a long-underutilized section of the city into a walkable district. Financial terms of the lease with Live Nation weren't disclosed.
Sports and entertainment districts are emerging as a popular addition to large commercial development projects, providing an uncommon amenity for mixed-use districts. City officials in Glendale, Arizona, plan to convert the Desert Diamond Arena into a music and entertainment venue. Meanwhile, JMA Ventures and Machete Group are developing Westcourt in Orlando, Florida, as a sports and entertainment district.
Live music, drama performances and other forms of entertainment are surging in popularity. The top 100 tours posted worldwide gross revenue of $9.5 billion in 2024, a 3.6% increase from 2023, according to Pollstar.
Los Angeles-based Live Nation is trying to capitalize on that rising popularity with a new ticket program. In a separate announcement on Wednesday, the company said it will sell tickets for $30 each to more than 1,000 performances this summer by more than two-dozen acts, including Avril Lavigne, Kesha and the Offspring.
Centennial Yards won't be the first mixed-use property in Atlanta to feature an entertainment district. The Battery is a collection of apartments, retail, hotels and offices surrounding the Atlanta Braves' home baseball stadium, Truist Park, that opened in 2017 about 14 miles from downtown.
Centennial Yards will have multiple sports and entertainment venues in proximity, in addition to the Live Nation music venue. Cosm, a virtual reality-based entertainment provider, plans to open a 70,000-square-foot, three-level immersive entertainment venue at Centennial Yards later this year.
The entertainment district is being built next to State Farm Arena, home to the NBA's Atlanta Hawks, and Mercedes-Benz Stadium, home to the NFL's Atlanta Falcons and MLS' Atlanta United. Other entertainment and cultural venues are also a short walk from Centennial Yards, including the National Center for Civil and Human Rights, the College Football Hall of Fame and Centennial Olympic Park.
"This new Centennial Yards entertainment venue is exactly what our region needs and adds a key element to what has already been a catalyst for the revitalization of downtown Atlanta," Brian McGowan, president of Centennial Yards, said in the release.
The developers behind Centennial Yards are Los Angeles-based CIM Group and an affiliate of Tony Ressler, the principal owner of the Atlanta Hawks. Ressler's brother, Richard, is co-founder and principal of CIM Group.
Live Nation owned, operated or leased 216 entertainment venues in North America as of Dec. 31, according to its annual report. The company's leases for entertainment venues typically run from five to 25 years and can include renewal options.
Live Nation has several major new venues in the pipeline. It's developing the 15,000-seat outdoor Riverside Amphitheater in Kansas City, Missouri, and is pursuing the development of a new venue in Portland, Oregon.