Industry Noize: AEG Goes To Jersey City

The venue, once considered among the state’s most opulent buildings, was most recently used for film and photography shoots, according to the Wall Street Journal.

AEG plans to close and provide $30 million to $40 million in renovations before reopening in late 2015 or early 2016. AEG will pay $350,000 a year for the 30-year lease, according to the paper.

“This will be our first signature trophy entity for the cultural arts,” Mayor Steven Fulop told the WSJ. “It’s something Jersey City has never had: a cultural arts hub that anchors the community.”

Fulop added he does not see the project as a moneymaker but rather an attraction for residents and visitors.

The venue would give New Jersey’s second-largest city a building that could compete with The Bowery Ballroom, which is 25 miles away in Manhattan, and The Wellmont Theatre, which is 15 miles away in Montclair.