The Philadelphia Land Bank is close to approving a deal involving Live Nation Worldwide Inc. that would let the concert promoter lease city-owned land behind its Met Philadelphia performance venue on North Broad Street for show-related parking and loading, with rent payments funding a community organization.
The agreement, on which Land Bank board members expect to vote at an upcoming meeting, would give the nonprofit North Broad Renaissance control of the nearly 10,000-square-foot tract along Carlisle Street between Ogden and Poplar Streets for $1 a year.
Live Nation would then become North Broad Renaissance’s subtenant at the site, paying the group $60,000 a year — plus at least $20,000 in “donations or sponsorships” — to use the property for loading and unloading of personnel and equipment, according to the Land Bank resolution.
The lease would be renewable every five years, ending with a final renewal option until Sept. 30, 2047, with the property being appraised at the start of each renewal period for potential rent hikes as land values increase.
North Broad Renaissance would apply rent proceeds toward projects aimed at revitalizing the Broad Street corridor between City Hall and Erie Avenue, such as street repairs, sidewalk-cleaning, and small-business support.
Beverly Hills-based Live Nation opened its Met venue last year in the former Metropolitan Opera House, which was renovated into a concert hall for the company by its co-owner, developer Eric Blumenfeld.
The concert promoter has since been using the city-owned property behind the concert hall — an unpaved lot — free under a series of temporary agreements with the Land Bank. Its pending deal with the agency would require it to pave the property and install permanent lighting.
At a meeting in October, the Land Bank board passed on considering a motion to extend the temporary agreement, citing a lack of “movement on negotiations" for the lease with North Broad Renaissance, according to meeting minutes.
But talks are back on track, with the deal’s approval expected in time for a mid-January lease start, Land Bank executive director Angel Rodriguez said.