NORMAN, Okla. —

Norman city leaders on Wednesday announced plans for a $1 billion entertainment district not too far from Interstate 35.

The venue, which is planned for Rock Creek Road and 24th Avenue Northwest, will feature a venue for major entertainment and sporting events, retail shopping, restaurants, bars, offices, a hotel and housing for thousands. The multi-purpose venue is designed to host concerts, shows, University of Oklahoma basketball games and women’s gymnastics meets.

“It is rare to have such a collaborative effort to produce a master plan, combining resources and assets to create a unique mixed-use development unlike any in Oklahoma – or the nation, for that matter,” Norman Economic Development Coalition President Lawrence McKinney said in a news release. “Once developed, this entertainment district will be a focal point for all of Central Oklahoma.”

The news release states that 80% of the $1 billion cost would be paid through private investment. The rest would be paid through public sources, and no funds would come from the city or county general funds.

Those who helped make the announcement were Norman Mayor Larry Heikkila, OU President Joseph Harroz Jr., Cleveland County Commissioner Rod Cleveland, Norman Chamber of Commerce President Scott Martin and VisitNorman President Dan Schemm.

“OU is proud to be a part of this broad coalition of leaders who are coming together to help grow the Norman economy and provide new opportunities for local residents,” Harroz said in the news release. “This new district will be the perfect complement to Campus Corner and historic Downtown Norman. These enhancements will elevate our community’s unique entertainment options and improve the quality of life for residents of Norman and the broader region.”

Heikkila added that the entertainment district is crucial in Norman’s effort toward economic growth and quality of life.

“Our citizens have made it clear that quality of life is important to them, and in fact, quality of life is essential for any healthy community, so we are delighted at the prospect of creating a new district that will build on the great assets we already have in Norman,” Heikkila said in the news release.