Seattle’s KeyArena is reportedly entering into a major music and equity partnership with Live Nation as the renovation group looks to make improvements to the storied stadium to not only return its status as a music destination but to also lure sports teams back to Seattle.

The Seattle Times reports that the Oak View Group and Live Nation are teaming up for a $564 million renovation proposal that’ll proceed regardless of an NBA or NHL franchise calling the building home.

In addition, they have also reportedly begun to explore the possibility of an extended Pearl Jam residency deal with the band that would find them playing in their home city on a regular basis similar to the deal Billy Joel has with Madison Square Garden (Joel plays one show a month at the famed NYC arena).

Pearl Jam manager Kelly Curtis was recently added to the OVG advisory board to improve KeyArena’s acoustics and concert experience and the members of Pearl Jam met with OVG officials at the Rock and Roll Hall of Fame ceremony, which included Irving Azogg and MSG’s James Dolan.

Pearl Jam hasn’t made Key Arena part of their touring plans in recent years, last stopping at the hometown arena in 2013 after playing two shows in 2009.