McKinney officials took a decisive step toward completing the city’s flagship entertainment venue on Oct. 5. The City Council approved a measure that authorizes VENU, the developer behind the 20,000‑seat Sunset Amphitheater, to explore a sale‑leaseback transaction with private investor Store Capital. The arrangement is intended to raise the additional $60 million needed to finish the $330 million project.
Financing details and council action
The council’s vote follows an updated agreement with VENU that consolidates four previously approved amendments. Under the new plan, VENU would sell the amphitheater’s future revenue stream to Store Capital and then lease it back, providing the cash infusion required to complete construction, which is reported to be about 70 % finished.
McKinney’s original 2024 deal with VENU called for the city to contribute 46 acres of land, $26 million in grants, and tax reimbursements tied to the development. Those commitments remain in place, but the cost estimate has risen from the initial $220 million to more than $330 million, prompting the need for extra private funding.
Project timeline and economic outlook
Groundbreaking began in June 2025, with an original opening target of 2026. VENU later pushed the debut back a year, and the venue is now expected to welcome its first crowds in 2027 if the financing plan proceeds as scheduled.
The amphitheater will sit on the northeast corner of U.S. Highway 75 and State Highway 121, occupying the full 46‑acre site. Its flexible design can host up to 20,000 attendees for major concerts and can be scaled down to about 5,000 for smaller, seasonal events.
VENU originally projected roughly 60 shows per year but now anticipates the capacity to host as many as 100 events annually. The developer also estimates the venue could generate more than $3 billion in economic impact over its first decade, a boost that would benefit local businesses, hospitality providers, and tax revenues.
Community impact and next steps
City leaders emphasized that the sale‑leaseback approach does not alter the public‑private partnership framework; it simply provides a financing tool to keep the project on track. Council members highlighted the venue’s potential to create jobs, attract tourism, and enhance McKinney’s cultural offerings.
Construction crews continue work on the stage, seating, and supporting infrastructure while VENU finalizes discussions with Store Capital. If the $60 million financing is secured, the project can move forward without further delays.
Residents can look forward to a state‑of‑the‑art performance space that promises a robust calendar of concerts, festivals, and community events, reinforcing McKinney’s reputation as a vibrant, growing city in the Dallas‑Fort Worth metroplex.
Original reporting: Local Profile (DFW) — read the source article.
