Live Nation has agreed to a long-term lease for a 5,000-seat venue in downtown Atlanta that will be part of a development around the Mercedes-Benz Stadium and State Farm Arena.
Centennial Yards is described by CIM, the developer that has partnered with the City of Atlanta, as a “mixed-used community featuring residential units, retail and entertainment establishments, community gathering spaces and more.” The 50-acre site is expected to have a $5 billion price tag. In addition to the music venue, it will include a 14-story hotel, a two-story food and beverage hall and a Cosm entertainment venue. The development already includes a brewery, loft residences and a 500-foot pedestrian bridge.
Live Nation’s involvement with the development was first reported by The Wall Street Journal.
Concert venues are increasingly popular properties in urban developments centered around the venues of professional sports teams. Mercedes-Benz Stadium has been the home of the Atlanta Falcons since 2017. The Atlanta Hawks basketball team plays at State Farm Arena.
“Every owner of a major sports team that wants to have their new building is not just building a building anymore,” Live Nation president/CFO Joe Berchtold said at the J.P. Morgan Global Technology, Media and Communications Conference on Tuesday (May 13). “They’re building an entertainment district around it.”
Centennial Yards is the latest example of concert promoters taking part in developments that aim to revitalize urban areas. Downtown Nashville’s The Pinnacle, a 4,500-capacity music venue operated by AEG Presents, is part of Nashville Yards, owned by real estate developer Southwest Value Partners. Nashville Yards also houses AEG Presents’ regional offices, CAA and, starting in July, Messina Touring Group.
Another massive multi-purpose project getting underway is RFK Stadium in Washington, D.C. The development currently includes a food hall, a skate park and festival grounds that hosts music festivals and other large gatherings. Berchtold said at the conference that he was in D.C. last week but didn’t mention the RFK project.
Leasing a mid-sized venue in Atlanta will add to Live Nation’s portfolio of venues under its Venue Nation business segment. Venue Nation plans to open 20 additional venues globally in 2025, which it believes will add 7 million incremental fans annually. As of the end of 2024, Live Nation leased 222 venues, owned 32 and operated 67. It has the exclusive booking rights to another 69 venues and owns an equity stake in 4.