PHILADELPHIA (CelebrityAccess) — Live Nation is reportedly close to a deal with the City of Philadelphia’s Land Bank to lease a plot of city-owned land adjacent to the Met Philadelphia.
According to the Philadelphia Inquirer, the deal would allow Live Nation to use the property for parking and load-in/load-out at the downtown concert hall, with rent payments going to support a community organization.
The lease would be renewable every five years and good through 2047 with the final renewal option good through 2047, the Inquirer reported.
Per the Inquirer, the board members for the Land Bank, which seeks to redevelop and repurpose vacant land and community assets, will vote on the agreement in an upcoming meeting.
Live Nation re-opened the Met, formerly the Metropolitan Opera House, in 2018 after extensive renovations.