Irvine may soon build a $130 million amphitheater to rival the Hollywood Bowl.
The City of Irvine has teamed up with Live Nation to replace a temporary outdoor theater with a 14,000-seat amphitheater at its Great Park, the Orange County Business Journal reported. It could open in 2025.
The Irvine City Council just approved the 25-acre development north of Great Park Boulevard and Skyhawk, near the newly opened Wild Rivers waterpark.
It would replace the 12,000-seat FivePoint Amphitheater, built in 2017 as a temporary venue after the demolition of Irvine Meadows. For comparison, the Hollywood Bowl seats 18,000.
Plans for the Orange County bowl released by the city this week depict a band shell topped by a lattice roof shaped like a stingray, flanked by jumbo screens with a mountain backdrop.
The new amphitheater would have parking for 4,500 cars, plus lawn seating with cabanas and various food, beverage and retail options.
The city would pay most of the project cost, with Beverly Hills-based Live Nation agreeing to pay $20 million toward construction, after which it would operate the facility. Live Nation will maintain the facility and offer at least 25 shows per year.
The operating agreement runs through 2055, with two more 10-year extension options. Operating expenses are estimated to cost $4.8 million a year, according to Beacon Economics.
Live Nation, which now leases the temporary theater from an affiliate of Five Point Holdings, based in Irvine, will pay $4.5 million a year in fees to the city upon completion of the new amphitheater.
Those fees include $3.5 million in operating revenue per year, escalating at 3 percent annually. They also include half of a $5 maintenance surcharge added to each ticket, estimated to generate up to $1 million for the city per season.
The annual income “represents an approximate 4 percent return on the city’s investment, and yields full repayment of the city’s capital contribution over the term of the [agreement],” city filings say.
— Dana Bartholomew
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