Richmond agrees to $30 million deal for a new riverfront amphitheater

• Capshaw first proposed the venue last summer with NewMarket Corp. onboard.
• Capshaw similarly partnered with Charlottesville to build the Ting Pavilion on the Downtown Mall in 2005.

Why it matters: The venue would host 25 to 35 major acts a year, plus cultural and civic events (including graduations), per a news release.

What's happening: The city introduced a 2o-year grant agreement between itself and Capshaw's Richmond Amphitheater group at Monday's city council meeting.

• The funding amount was not shared, but the amphitheater estimates admissions taxes for the venue would cover the grant amount.
• A council committee will take up the proposal on June 5.

The amphitheater is estimated to cost $30 million, paid for by Richmond Amphitheater LLC. NewMarket will lease the land just off Second Street and behind the Virginia War Memorial to the group for an undisclosed amount.

What we're watching: August's Iron Blossom Music Festival at Monroe Park, which is being organized in part by Starr Hill Presents, the concert promoter Capshaw works with at his other venues.

What's next: Construction could start this summer with a possible opening date of summer 2025.