Setting up a cross-river rivalry, a concert promoter will build a new venue at the Ovation site along the Ohio River in Newport – within sight of a planned concert venue at The Banks.

AEG Presents/PromoWest announced Thursday it would build a $40 million indoor-outdoor concert venue and 550-space parking garage in Newport after PromoWest's plans to build a concert venue at The Banks on the Cincinnati side of the Ohio River were rejected.

The announcement launched finger-pointing on the Ohio side.

Mayor John Cranley put the blame on the shoulders of the Hamilton County commissioners. He called for commissioners to give the city the full development rights to The Banks. Right now, the county and the city split development decisions at The Banks 50-50.

"I did everything in my power, but because of the county's stubbornness, we lost a huge deal to Newport," Cranley said.

Cranley had supported PromoWest building a music venue at The Banks as far back as 2016. Local business interests wanted to give the Cincinnati Symphony Orchestra a chance to bid on the project. The county and city ultimately backed the CSO to build on a lot that required the approval of the Bengals, but that deal still faces some obstacles.

"It is a huge blow to the restaurants at The Banks," Cranley said. "The mayor had their backs. The county didn't... I'm deeply upset we lost this deal."

Hamilton County Board of Commissioners President Denise Driehaus stood by the county's decision to pick the CSO on a lot next to Paul Brown Stadium. Other lots need to be preserved for bigger residential and commercial developments.

"I think that was a good decision," Driehaus said.

Newport's announcement shouldn't be viewed as a loss for Cincinnati, she said.

"We have two music venues that want to locate here knowing about one another," Driehaus said. "Why wouldn't we talk about them in terms of complementing one another instead of competing?"

Who'll play in Newport? 'Anybody who's hot'

Columbus-based PromoWest, which was acquired by AEG Presents last fall, is one of the country’s most prominent independent live music promoters. Los Angeles-based AEG is one of the largest live music companies in the world.

Scott Stienecker, founder and CEO of PromoWest, said concertgoers can expect a "world-class" venue featuring such up-and-coming performers as Walk The Moon, Death Cab for Cutie and Luke Combs.

"Anybody who's hot in the industry, that's who we bring to these facilities,'' according to Stienecker, who said the concert hall is expected to begin hosting concerts by the end of next year.

The new venue, which will feature a sweeping roof design, would have indoor capacity for up 2,700 and outdoor capacity for 7,000. It's expected to host up to 180 events a year and draw 350,000 to 400,000 visitors annually.

Corporex Cos., the Covington-based lead developer for the 25-acre vacant site, said the concert venue is just the first step in the overall development of the site.

When completed, the site is expected to include a mix of apartments and condos, restaurants, entertainment venues and hotels, according to Corporex, which has owned the land just southeast of the confluence of the Ohio and Licking rivers since 2006.

MORE: Ovation was years in the planning

The total project cost could approach $1 billion.

Tom Banta, managing director at Corporex, said the company had been working with Stienecker for more than a year to land the concert venue.

PromoWest's acquisition by Los Angeles-based AEG just enhanced the negotiations, according to Banta, who said the concert venue will be key to driving traffic at the Ovation site.

"We are delighted to now be working with two, best in class, live music promoters attracting both regional and national talent,'' he said.

Banta said additional tax revenue generated by the development will pay for the concert venue's garage, but no other public money would be used to finance the project.

]'We'll see where the chips lie'

Site preparations have already begun, and construction could begin on the new concert venue before the end of the month, according to a press release.

Meanwhile, The Cincinnati Symphony Orchestra is still waiting for the city and the county to give the go-ahead to break ground on their planned music venue at The Banks, said Mike Smith, the head of the Cincinnati Symphony Orchestra’s music management firm, Music and Event Management, Inc.

But Hamilton County government must still relocate a concrete company before that can happen.

For the Bengals to relax their standards for building next to Paul Brown Stadium, a concrete manufacturer next to Paul Brown Stadium has to move to make way for parking expansion and a possible indoor practice facility for the football team.

MORE: Who is the man behind AEG/PromoWest?

Smith said the venue across the river doesn’t deter them from building their venue. The Banks venue is bigger: 4,500 seats indoor, 8,000 outdoor. Bands look at how many tickets you can sell, he said.

It’s a competitive market, he said. May the best venue win.

“Listen, they’ve got a plan, and I’m sure in their minds it’s solid,” Smith said. “We have a plan. We’ll see where the chips lie.''

Driehaus told The Enquirer before the announcement Thursday she hadn’t heard about AEG/PromoWest’s plans for Newport, but said it won't change the county’s plans for its Banks concert site.

“It doesn’t impact it. We’re moving forward with what we feel will generate activity down on the riverfront at the Banks and we’re very excited what will be a compliment," she said. “It does not impact what we’re trying to accomplish at the Banks.”