$40M music venue will be built on riverfront in Newport

NEWPORT, Ky. — Corporex Companies and AEG Presents/Promo West announced Thursday that they have reached agreement for Corporex to construct a world class music venue on a riverfront site in Newport, Ky.

The announcement came as part of a ceremony with local officials that took place Thursday on the future site of the facility. The venue will be part of the first phase of the Ovation development, a 25-acre mixed use development located on the Ohio River across from downtown Cincinnati. Site preparations are beginning immediately with full construction commencing once final building permits are secured.

Among those attending the announcement were Terry Gill, secretary of economic development, and Bill Butler, Corporex chairman and CEO.

With over 180 events a year, the ground-breaking design will accommodate indoor audiences of up to 2,700 and an outdoor capacity for the summer shows of up to 7,000 concert goers. The facility is expected to attract over 350,000 to 400,000 fans annually to this intimate music setting.

The concert hall, with its unique sweeping roof design, will sit atop a 550-car structured parking garage. The Venue Plaza will be linked to the future phases of the Ovation development via a pedestrian walkway over the recently opened Route 9 extension. The pedestrian bridge will be linked to the restaurants, night life and other entertainment spots that will make up the main pedestrian streets dubbed Broadway and Main Streets within the mixed-use Ovation development.

According to Tom Banta, managing director of Corporex Companies, LLC, “we began working with Scott Stienecker, CEO of PromoWest, more than a year ago, with a goal of securing an entertainment venue that would be a centerpiece to the Ovation development. During the course of our negotiations, PromoWest was acquired by AEG Presents, one of the largest live music companies in the world. We are delighted to now be working with two, best in class, live music promoters attracting both regional and national talent.”

“The Newport location provides AEG/PromoWest the perfect opportunity to expand our Midwest presence to the Cincinnati marketplace,” said Scott Stienecker, CEO of PromoWest. “We intend to bring many of the same groups that play at our EXPRESS LIVE! in Columbus, Ohio, and STAGE AE in Pittsburgh to Greater Cincinnati.”

The world class music venue will be located on the riverfront.

“The Ovation development is exciting on many levels,” said Shawn Trell, COO for AEG Presents. “At its core, it represents a marriage between a first-class developer and a first-class content provider and venue operator. The venue design and capabilities fill a void in the market and are a natural fit with our venues in Columbus and Pittsburgh as well as other properties we own or operate in Cleveland and Detroit. We look forward to working with the Corporex team to make this venue a reality. I know it will be one that artists and music fans will enjoy tremendously, and that the region will be proud to call its own.”

“We truly appreciate the effort and thought that Corporex and AEG has put into this project,” said Thomas Fromme, Newport city manager.

“The City of Newport eagerly looks forward to working with these great companies as they start the first phase of Ovation,” said Newport City Mayor Jerry Peluso.

The announcement attracted media attention from the Greater Cincinnati area.
Please wait...

Subscribe to the FASTER LANE business newsletter.

Subscribe and receive breaking Kentucky business news and updates daily.