Live Nation To Upgrade Downtown Atlanta With $5B Commitment To Centennial Yards

Live Nation Entertainment is investing in its real estate portfolio, committing to a $5 billion plan to upgrade Downtown Atlanta with a Stadium district.

The live-music entertainment company plans to lease a 5,300-seat venue in Atlanta’s Centennial Yards. Currently in development next to the city’s State Farm Arena and Mercedes-Benz Stadium, the mixed-use megaproject will cost upwards of $5 billion.

According to MSN, Live Nation will collaborate with sports teams and real-estate developers on the venture. Atlanta Hawks owner Tony Ressler, whose team plays home games at the Arena, and his brother Richard Ressler, owner of development firm CIM Group, have already started bringing the project to fruition.

“The fact that Live Nation chose to be in downtown Atlanta is a big deal,” said CIM’s co-founder and principal, Shaul Kuba. “We’re creating a whole new market in Atlanta that really did not exist before.”

The focus remains on stadiums as the centerpiece. However, the inclusion of Live Nation will ensure Downtown Atlanta’s readiness and ability to bring A-list artists to the city. Its concert venue will become one of Live Nation’s largest indoor theaters.

While the project promises to help the city’s struggling downtown area, economists do not seem sold on its stadium-based neighborhood model. Opposing experts claim the ventures use taxpayer funds to divert spending away from the community to the new stadium.

Reflecting the city itself, Downtown Atlanta remains diverse, with Black people accounting for 48% of its population, according to Niche. However, its financial and residential downturn, escalated during the pandemic, makes it the new trial spot for stadium districts.

Thus far, Centennial Yards has made slow progress due to city officials’ approval efforts, permits, and partnerships. With only $1.3 billion of its budget developed as of yet, it has 162 apartments, a brewery, and walkways established in the area.

However, by the 2026 World Cup, the development team hopes to finish a 304-unit apartment complex, alongside hotels, restaurants, and retail. Furthermore, it hopes to build an immersive movie theater-meets-sports bar that can fit 1,500 attendees.

Alongside their investment in creating a space in Downtown Atlanta, Live Nation also plans to add 20 more venues to its portfolio through 2026. It hopes to play a major role in the growing entertainment and sports-based real estate industry.

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