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The embattled Brisbane music and nightlife scene has received some good news \u2013 the addition of a 3,300-person theatre and event space in the Brunswick Street Mall in Fortitude Valley.

"A private entity led by Scott Hutchinson, chairman of Queensland\u2019s largest private construction company and a long-time live music supporter, has acquired the site at 312 Brunswick Street for the development of a multi-use music venue."

"The $40 million venue will be replacing plans for a 30-storey residential tower by developer EG Funds Management who had partnered up with Chinese developer Forte on the 363-apartment project. EG purchased the former Optus Centre site in 2008 for $18.7 million."

Lord Mayor Graham Quirk said that the venue will add to Brisbane's entertainment scene.

The original plans for a 30-storey tower in the Brunswick Street mall have been replaced with news of a 3,300-person capacity music venue[/caption]