Live Nation, the largest concert promoter in the world, announced Tuesday that it is exploring plans to build a new music venue adjacent to the Momentary in downtown Bentonville.

If approved, the venue would be built at the corner of Southeast 8th Street and Southeast E Street, just south of the Momentary and west of 8th Street Market.

The venue, which would be called Bentonville Ballroom, would have a capacity of 2,500 people and is being developed in collaboration with the museum, according to a press release from Live Nation. The venue is targeted to open in 2028.

Live Nation said the venue would host national touring acts as well as local artists.

Early concepts for the building feature natural materials, warm wood tones and a layout that “brings the Ozarks’ textures and light” into the performance space, according to the release.

Live Nation owns more than 150 concert venues and announced plans to open an additional 18 last year, according to national news reports.

Earlier this week, Live Nation and the U.S. Justice Department said they had reached a tentative settlement in an antitrust lawsuit alleging that Live Nation and its Ticketmaster subsidiary illegally monopolized the live events industry.