Venu Sells McKinney Amphitheater Land to Store Capital for $60M

Venu Holding Corp. sold the land under its Sunset Amphitheater and attached parking garage in McKinney to Store Capital for $60 million, according to Bisnow. The deal is a sale-leaseback, so Venu keeps operating the 20,000-seat venue as a tenant. Proceeds will repay about $20 million in bridge financing from Ryan LLC and fund the rest of construction.

Why it matters

The sale-leaseback gives Venu cash without new debt or new equity. It comes as the project’s cost has grown from $220 million when it was announced in March 2024 to $330 million now. The Dallas Morning News reported the project lost an important piece of funding along the way, per Bisnow. The McKinney City Council voted earlier in October to let Venu pursue the sale-leaseback, so the deal needed a municipal sign-off beyond the two private parties. For DFW contractors and suppliers on the job, the payoff of the bridge loan and the new construction funding are the near-term signals that work continues.

The numbers

The amphitheater sits on 46 acres at the northeast corner of U.S. Highway 75 and State Highway 121, next to the Sheraton McKinney Hotel. McKinney approved $18 million in incentives for the project in 2024. The McKinney Economic Development Corp. and McKinney Community Development Corp. added a combined $8 million in grants. The venue was first set to open in 2026; that date has moved to the first quarter of 2027.

What’s next

Store Capital, an Arizona-based net-lease REIT, now owns the land and garage, and Venu leases them back. Construction continues toward the first-quarter 2027 opening. The next verifiable markers are the recorded deed to Store Capital in Collin County and the venue’s certificate of occupancy. The Dallas market page tracks other DFW capital and construction activity.