Live Nation Canada is planning to open a new 50,000-seat outdoor stadium for concerts on the Downsview Airport Lands site that is part of a $30 billion redevelopment project by Northcrest Developments.
The new Rogers Stadium will be a seasonal outdoor concert venue that will open in the summer of 2025 in the 370-acre site now known as YZD, Live Nation said.
It will become the Greater Toronto Area's largest purpose-built music venue, according to Live Nation. It is partnering with telecommunications company Rogers on the project that will bear its name.
"The number of stadium-level acts touring today is unprecedented, with more acts than available nights at existing venues. That's why we're making this investment to ensure Toronto fans don't miss out on world-class artists," said Erik Hoffman, president of music at Live Nation Canada, in a statement. "This a natural evolution of our stadium programming and we're excited to bring this new venue to life."
The stadium is set to be positioned at the north end of the former airport's runway as Northcrest's master plan unfolds over the coming years.
Northcrest, a Toronto-based real estate developer and wholly owned subsidiary of the Public Sector Pension Investment Board, has almost $265 billion in assets under management. It invests on behalf of pension plans of the federal public service, the Canadian Forces, the Royal Canadian Mounted Police.
"Rogers Stadium is a testament to our vision for this masterplan, which includes a series of communities, creating a space where people come together," said Derek Goring, chief executive of Northcrest Developments, in a statement.
YZD bills itself as one of the largest mixed-use development opportunities in North America.
Over the next three decades, plans for the project call for transforming the former airport site into seven new neighbourhoods, with more than 55,000 residents and over 28 million square feet of residential space, 7 million square feet of commercial and cultural spaces and nearly 74 acres of parks, green and open spaces.