“PromoWest will build the $40 million indoor-outdoor concert venue and 550-space parking garage in Newport after its plans to build a concert venue at The Banks on the Cincinnati side of the Ohio River were rejected,” according to the Enquirer.
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Corporex, which owns 35 long-vacant acres near Newport on the Levee, and entertainment company AEG will build the venue at Newport's Ovation site. Developers will model the venue off existing facilities in Pittsburgh and Columbus. The venue in Newport will be the largest of the three, according to news reports
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The concert venue will be built the parking garage space. It will have over an acre of outdoor lawn area that will hold 7,000 people with 38,000 square feet of indoor space that will hold 2,800.
Officials estimate it will draw 350,000 to 400,000 people annually. The venue plans to host 180 events, 30 of which will be outside.
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Speaking to Newport City Commissioners in November, Corporex representatives pitched a $1 billion plan for the future the land — one that would bring hundreds of apartments, 1 million feet of retail space and thousands of jobs to the developing riverfront.
The first phase of development at the Ovation site might start later this week. Corporex has owned the land since 2006.