The Baltimore Development Corp. announced on Thursday that it had entered into exclusive negotiations with Live Nation and SMG to take over management of the city's Pier Six Pavilion.

The seven-year contract to manage the Inner Harbor concert venue would take effect in 2017 and could be extended for another three years. Any deal is subject to approval by the Board of Estimates.

If approved, Live National and SMG would replace The Cordish Cos., which did not apply to renew its contract.

“We're grateful that the BDC sees that Live Nation and SMG are uniquely positioned to take the Pier 6 Pavilion to the next level with premier live entertainment experiences and strategic commerce opportunities,” said Wilson Howard, a regional president for Live Nation, in a statement. “We look forward to continuing conversations about what we can bring to the venue and the community.”

Live Nation and SMG were among three groups to respond to the BDC's request for proposals for a new vendor. AEG and the Rams Head Group, which operated the venue under Cordish's contract for 10 years, also applied.

The city chose to move forward with Live Nation and SMG because their proposal “provided the most optimal returns to the City and offered the largest capital improvement program,” according to a statement from the BDC.

Those terms were not disclosed.

sarah.gantz@baltsun.com

twitter.com/sarahgantz