Plans to develop a stretch of the lakefront in New Orleans East got a lot more serious this week, when the Orleans Parish Non-Flood Protection Asset Management Authority announced a deal with a developer that plans to transform the site into an outdoor music venue.

NOLA.com reports that Studio Network-Lakefront LLC, a development company headed by Tipitina’s owner Roland von Kurnatowski, inked a binding agreement with the NFPAMA that would allow them to turn the 4.5 acre old Bally’s riverboat casino site into an amphitheater. The new festival park would anchor a larger development that would feature restaurants, shops, bars and a nightclub.

According to the publication, Studio-Network Lakefront LLC will be able to back out of the agreement if zoning permits and other government requirements are not worked out by the end of 2016. In exchange for the right to develop the land, the company will pay the NFPAMA a flat monthly fee, as well as 1.15% of the property’s gross revenues.

Kurnatowski–who will be honored with a Lifetime Achievement Award in music business at the 2015 Best of the Beat Awards–has agreed to spend at least $6 million to renovate the South Shore Harbor Terminal, add a dock and convenience store for an adjacent marine, construct an amphitheater and build an open space for a restaurant during the development’s first three years.

The project’s second phase is slated for completion within five years, and will include $7 million for live music, a recording studio, a nightclub, shops and more space for bars and restaurants. A potential third phase may bring an educational facility, museum or other amenities to the site.

While the area has been utilized sparingly in recent years, South Shore Harbor was the site of the inaugural Landing Festival earlier this year. The two-day event was put on by Tipitina’s in collaboration with local rockers Galactic, who headlined the gathering.