SUGARLAND, TX (CelebrityAccess MediaWire) — The Sugar Land City Council's plans to develop a major downtown entertainment district have been dealt a blow after they were informed by AEG, one of the major components of the development, that the promoter no longer wanted to have a "major stake" in the project.
The City's cityâ€™s executive director for business and intergovernmental relations, Joe Esch had been leading the effort to develop the project, which is planned for the region between the Brazos River Park and the University of Houston Campus. Included in the plan are 5 major concert venues, including a festival site, a 2,000-6,500 capacity indoor concert center, a minor league ballpark, an arts exhibition facility, a convention center and a hotel.
AEG had initially expressed an interest in a major ownership stake in the project but now they state that due to changes in the market, they are looking to scale back their participation to a level that would entail little to no ownership. They have indicated that they would still be interested in managing some of the venues under consideration.
How this will affect the overall future of the project, which is currently pending approval from the city council, remains to be seen.
"We'll continue discussions and evaluation of the impact of AEG's request" Esch said, regarding AEG's change of position. – CelebrityAccess Staff Writers