Summerfest took to Facebook Live on Thursday to announce that American Family Insurance has signed a major partnership with Maier World Festival Inc., which includes a presenting sponsorship of Summerfest, and, in a major move, a brand-new 23,000 person capacity amphitheater,  replacing the Marcus Amphitheater with the American Family Insurance Amphitheater. The brand new venue is estimated to be constructed during 2019 and will likely open for Summerfest 2020. There will also be a new north gate attached to the Lakefront Gateway project, which should be ready for 2018. From an outreach standpoint, American Family will also work with Summerfest on a music education program will give students access to music education throughout the city.

The estimated cost of the new venue is $30-35 million, and representatives for the festival have said that they will try to maintain the roof of the existing amphitheater. The Marcus Amphitheater was opened in 1987 and has hosted Summerfest headliners every year, in addition to sporadic concerts throughout the spring and fall. A new facility could mean even bigger headliners in the coming years. Check out the rendering of the new venue below: