FivePoint Holdings LLC, in which Lennar Corp. (NYSE:LEN) is the largest investor, is teaming with Live Nation Entertainment to open an outdoor music venue near the old El Toro Marine Air Station in Irvine, Calif.
The Irvine City Council on Tuesday evening unanimously approved a plan between FivePoint and Live Nation to build and operate an interim outdoor amphitheater next to the Orange County Great Park to replace the beloved Irvine Meadows Amphitheater, which closed last fall to be replaced by apartment development after entertaining music fans for 35 years. The Irvine Company is the developer at that site; FivePoint is the development manager for Heritage Fields El Toro, LLC, the owner of the private development adjacent to the Orange County Great Park, commonly known as Great Park Neighborhoods.
“This is a win for all live music lovers and especially the nearly 35,000 fans who offered their voices to the Save Live Music Irvine initiative,” said Emile Haddad, Chairman and CEO of FivePoint. “The cornerstone of how we build communities is connectivity. We believe what makes communities great is diversity and inclusivity. I don’t believe there is a better place to find that than a live music venue and that’s why this decision is important. We’re excited because when you add music to sports, education, jobs and housing you enhance the experience for everyone and that’s how a community is built.
“I only hope that soon we will be celebrating the approval of the permanent amphitheater at the Great Park to insure live music in Irvine continues for many generations to come,” Haddad said.
Bret Gallagher, president of Southern California Live Nation, echoed the excitement about the venue approval.
“We couldn’t be happier to continue to be part of the unique culture of live music in Irvine,” said Gallagher. “We are excited to partner with FivePoint, a company that embodies the spirit of California living, to build and operate what will be a high-quality event venue with spectacular views of the Santa Ana Mountains as well as outstanding conveniences and amenities that cater to music fans of all ages.”
In October 2016, the Irvine Meadows Amphitheatre staged its final concert after hosting thousands of music’s biggest artists and bands before the iconic venue closed after more than 35-plus years. FivePoint and Live Nation then announced a proposal to build and operate an interim outdoor venue at the former Marine Corps Air Station El Toro base. Under the approved plan, Live Nation will lease the concert venue site at the end of the remaining runways next to the Great Park.
The site of the new interim venue is less than 2 miles from the now-removed Irvine Meadows. In addition, the interim facility is within walking distance of the Irvine Transportation Center, a major mass transit hub for Metrolink passengers. By teaming up with Live Nation Entertainment, the longtime producer of the summer concert series at Irvine Meadows, FivePoint has taken an important step to ensure that live outdoor music will continue in Irvine.
A specific date for opening the interim venue has not been announced, but if all goes according to plans Live Nation hopes to stage its first concert in the new location sometime later this summer.
