CINCINNATI — A new music venue is set to be built in place of the longstanding Coney Island amusement park.
Coney Island has been acquired by Music & Event Management Inc. (MEMI), which is set to develop the amusement park in a massive amphitheater.
MEMI, which is a subsidiary of the Cincinnati Symphony Orchestra (CSO), said the amphitheater is set to complement its neighboring Riverbend and PNC Pavilion venues.
The $118 million development is set to be a "must play stop for the music industry's top acts," MEMI said.
The music venue is set to be a "first-of-its-kind" in the Greater Cincinnati area, MEMI said. The venue will have "cutting-edge performance and entertainment technology" alongside "best-in-class amenities."
It will also have an advanced sound system and an adaptable seating arrangement.
"It will be designed to maximize all components of live outdoor music events," said Mike Smith, CEO of MEMI.
Smith and Jonathan Martin, president and CEO of CSO, said they are shooting to create "the nation's best amphitheater."
Martin said the new venue will "usher in the future of the music industry."
He also said he hopes the venue will both expand the music, arts and entertainment industry in the region as well as boost the local economy.
The venue's preliminary design is currently in progress, and many key decisions have yet to be finalized, Smith and Martin said.
"We are proud to be leading the next step in the same way Riverbend changed the face of live music in our community 40 years ago when it opened," Martin said.
Cincinnati already has more than 16 music venues that hold more than 1,000 people, but the Chairperson for Visit Cincy, Jeff Berding said replacing Riverbend with this new venue will be positive.
“It’s a tired facility, it needs some love it needs some new investment to make it an attraction that we can get the best musical acts," he said.
Plus, Berding said it doesn't create too much competition for the market.
“All of these music venues are different sizes. you can go as large as 60,000 plus at Paycor stadium, a little bit smaller at the Reds ballpark, we’ve had music at TQL stadium. Riverbend is a different size," he said.
