A Los Angeles-based concert promoter announced co-ownership of the Agora Ballroom and Theater Friday afternoon.
AEG Presents announced the acquisition during a news conference Friday.
Cleveland Councilman T.J. Dow said the Agora has been a midtown anchor to Cleveland for years.
He also said there are plans for a grocery store, hotels, condos and a University Hospitals building to be added to the area as well.
Renovations and upgrades will be made to the Agora theater, though its history and legacy will be preserved.
AEG also owns New York City's Bowery Presents, San Francisco's Warfield Theatre and Los Angeles' The Roxy, among other iconic music venues.