The amphitheater will be operated for 10 years by iStar Financial. The city owns the garden's plot of land, and iStar will sell the land around the garden to the city for $16.1 million, a city official said.
The venue is scheduled to open in 2015 and no shows have been booked yet, said Marty Cottingham, a spokesman for Coney Island Holdings. "This project will change Coney West. With jobs, with development, with opportunities for the local folks that they deserve," he said.