Venu Holding Corporation (NYSE American: VENU) announced it has entered into an agreement to purchase a 15-acre property in Chattanooga, Tennessee, for the development of a $300 million amphitheater project called Sunset Amphitheater Chattanooga.

The venue will feature approximately 12,500 seats, making it one of the largest live entertainment venues in Tennessee. The amphitheater will include a canopied roof designed to function as both partially enclosed and open air, enabling year-round operations.

VENU is developing the project in partnership with Urban Story Ventures at the Bend development in Chattanooga. The completion of the partnership is contingent upon successful negotiation of public-private partnership incentives currently under discussion.

"Chattanooga is a high-growth market with a proven appetite for live entertainment and a city leadership team that understands the economic power of what we are building together," said JW Roth, founder, chairman, and CEO of Venu Holding Corporation.

The venue will include traditional bowl seating, lawn seating, and premium spaces including Owners Clubs and Luxe FireSuites. The project is expected to include artist amenities such as green rooms and hospitality suites.

According to the company, the project is projected to generate more than $4.2 billion in direct and indirect regional economic impact. Hoar Construction will serve as the general contractor for the project.

Jimmy White, president and managing partner of Urban Story Ventures, noted that Chattanooga currently only has indoor live entertainment venues with capacities around 3,800, making this the city's first open-air venue of this scale.

VENU operates entertainment venues across Colorado, Georgia, Oklahoma, and Texas, with venues including Ford Amphitheater, Sunset Amphitheaters, and Phil Long Music Hall.