Live Nation To Develop Entertainment District In North Chicago
Via Sterling Bay – Lincoln Yards Development Rendering
Live Nation has entered a deal to develop and operate up to five venues within North Chicago’s Lincoln Yards development.
The promoter made the deal with Chicago developer Sterling Bay and will help fund the development of the 70-acre, mixed-use entertainment district, according to the Chicago Tribune.
Live Nation isn’t the only big name to partner with the developer. Chicago Cubs owner Tom Ricketts recently announced a joint venture with Sterling Bay to build a 20,000-capacity stadium near the new entertainment district to help bring a United Soccer League team to the city. Live Nation would potentially book the venue for music and comedy acts.
Live Nation and the developer plan to build three to five venues aside from the stadium, which could range from 100-capacity clubs to 6,000-8000-capacity theaters or amphitheaters. That, along with the stadium, would allow the promoter to book a wide range of acts for Chicago, from up-and-coming artists to established touring powerhouses.
Dean Marks, principal and general counsel at Sterling Bay, did not say how much Live Nation was investing in the venture, but told the Tribune that the smaller venues would cost up to $50 million combined and the stadium will cost an estimated $200 million.
The development is planned to be on both sides of the Chicago River.
Sterling Bay must still hold community meetings to secure zoning approval for the project. New bridges, parking, public transportation and other infrastructure will likely be necessary for the area’s increased population and traffic, the paper reports.
Pending approval, Sterling Bay plans on beginning construction late next year.