Up-and-coming artists will have the chance to shine at a new venue in downtown Dallas, and it just happens to be in Mark Cuban’s parking lot.

Currently, the prospective venue is an empty warehouse on the North Stemmons Freeway. Concert promoter Live Nation Entertainment will convert the space into a 1,000-capacity venue dubbed The HiFi Dallas, set to open in May. The facility, which is in the Design District, sits next door to the Dallas Mavericks’ practice facility along the freeway and is owned by Cuban.

The Shark Tank star and master investor told Dallas News that he thought the idea of creating a venue “would be fun,” since there isn’t really a music scene in this Dallas district. He reached out to Live Nation because “they know how to design, build and operate as well as anyone on the planet,” noting that “they made it an easy decision.”

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“The Design District has been waiting for an entertainment destination, and the building was a perfect place,” Cuban said. “And, of course, we have all the parking right there, and it can leverage the traffic coming from the AAC.”

The HiFi will look like a miniature version of the Bomb Factory, with an open floor in front of the stage, along with balconies and bars. According to Live Nation senior Vice President of marking and business development, Dave Fortin, the venue will hold about 115 fixed seats on the second level, which will mainly be in the stadium-seating area directly facing the stage. Some shows will take advantage of floor seating, with around 300 seats available, however Fortin said that the room can be configured in various ways, noting “we will be able to portion off the lobby, outside, upstairs,” as well as a back patio.

The HiFi will add to Live Nation’s vast venue catalog. In Dallas, Live Nation already controls the Toyota Music Factory and Dos Equis Pavilion. Live Nation’s clubs and theater division president Ron Bension told Dallas News that there is a gap within the city’s market, but The HiFi is the perfect fit – a stop between the House of Blues’ Cambridge Room and the arenas.

“Different fans want different types of amenities,” Bension said. “Some want to sit, some want to stand, some want to be in the VIP lounge. We’re really trying to cater to the fans but also make sure when the bands step into the room, they know they’re stepping into a first-class venue in terms of production, hospitality and personnel.”

While the HiFi’s event schedule won’t be announced until February 10, Fortin said that fans can expect to see some larger acts making a pit stop at the new, intimate space.

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