Nicole Thompson, The Canadian Press

TORONTO — Live Nation plans to build an open-air music venue with a capacity of 50,000 near Toronto's Downsview Park.

Erik Hoffman, an executive with Live Nation Canada, said Thursday that the new Rogers Stadium will sit on the lands of the former Downsview Airport, now known as YZD, and will host its first events as soon as June 2025.

"This was a natural response to an unprecedented level of stadium-level artists on the road today. We now have another home for them to perform," he said.

Hoffman said the new venue will feel like a premium music festival, positioning it as an upgrade from the current stage at the nearby Downsview Park, which has a capacity of 40,000.

The stadium is expected to operate seasonally.

As it stands, the largest concert venue in Toronto is the downtown Rogers Centre, which has a capacity of around 55,000. When it's not serving as a stage, it's also home to the Toronto Blue Jays.

Other open-air venues in the city include Budweiser Stage, which can accommodate roughly 16,000, and the Canadian National Exhibition, which has a capacity of around 10,000.

A spokesperson for Live Nation declined to share the expected cost of the project.

"This new stadium is just going to be a huge boost for our city, for our province, a huge boost for the arts, for culture and for tourism," Ontario Premier Doug Ford said.

He said it will draw visitors from around the world and create thousands of jobs.

The new stadium is part of a project to redevelop the 150-hectare former Downsview Airport lands. Northcrest Developments purchased the property and plans to turn it into a collection of neighbourhoods over the next 30 years.

(C) The Canadian Press