RICHMOND, Va. (WRIC) — The developer for the proposed Richmond Amphitheater has announced that a performance grant agreement has been reached with the City of Richmond.

Pending approval from the City Council, the 20-year performance grant will offset the private project’s $30 million cost through incremental new real estate tax and admissions tax generated by the project.

The 7,500-person capacity venue will sit on a four-acre site overlooking the James River at 470 Tredegar Street, just a few minutes walk from Brown’s Island. The owner of the land, NewMarket Corporation, has agreed to lease the land for the sole purpose of establishing the outdoor performance venue.

According to the developer, the amphitheater could host 25 major acts a year. As part of the public-private partnership, the City of Richmond and other local nonprofits will be allowed to use the venue for civic events — such as graduation ceremonies, public forums and city-sponsored cultural events.

“Richmond is known for its vibrant arts and music scene, but for too many years, big-name artists have bypassed the city because it didn’t have a suitable venue,” said Coran Capshaw, founder of Virginia-based music industry leader Red Light Ventures, LLC. “This spectacular location offers the ideal place to showcase and build upon the growing energy surrounding Richmond’s riverfront.”

Richmond Amphitheater Rendering. A four-acre green space next to Brown’s Island in downtown Richmond could soon become the region’s newest live music venue with the amphitheater overlooking the James River. (Photo Courtesy of Ryan McKinnon)

The amphitheater was first announced last summer with plans for the project to be finished by May 2024. However, in February, it was announced that logistical obstacles had pushed the opening date to spring 2025.

The development group is hoping to start construction this summer in order to open for the 2025 outdoor concert season.