A rendering of the proposed Portland Music Hall, a 3,300-seat venue planned for the corner of Cumberland Avenue, on the left, and Myrtle Street, on the right. Rendering courtesy Leonardo Ruben Merlos

A Scarborough company has announced plans to build a 3,300-seat music venue in downtown Portland that they say will draw new acts to Maine.

Mile Marker Investments, led by the father-son team of Howard and Todd Goldenfarb, and its partner Live Nation submitted applications with the city to open a 66,000-square-foot venue at 244 Cumberland Ave. that they expect will host more than 125 events each year.

“There’s always been a great cultural arts scene in Portland, and a great restaurant scene and music scene,” Todd Goldenfarb said in a phone interview Thursday. “We thought it would be great to have a modern venue like the MGM Music Hall at Fenway (in Boston) here in Portland.”

If the plan is approved, the development team expects construction to begin in fall 2025 and the venue to open in late 2027.

Goldenfarb, who co-developed the Longfellow Hotel, said the new venue — tentatively named the Portland Music Hall — will create more opportunities for live acts in the city and raise Portland’s profile in the music and entertainment world.

“This will bring a new pool of artists who haven’t been to Portland before but have wanted to come to Portland and didn’t necessarily have the right venue to play,” he said. “I think it will increase the pool of shows that people will see. It will give people a real variety.”

The Portland Music Hall would create a new capacity level compared to other venues across the city. The Cross Insurance Arena can accommodate 9,500 people for concerts, while the State Theatre has a capacity of 1,870 and up to 6,000 people can attend outdoor shows at Thompson’s Point. Merrill Auditorium, which is across Myrtle Street from the site of the planned venue, has a capacity of 1,908.

The developers don’t see their venue as competition for Merrill, which is smaller and hosts different types of shows, Goldenfarb said.

Goldenfarb, whose family has a long history of redeveloping properties in the late ’70s and early ’80s, said he grew excited about the possibility of a new music venue in Portland after hearing about the state-of-the-art MGM Music Hall in Boston.

The developers say the new venue would have a “major positive economic impact” on the region and downtown Portland — particularly during the offseason — and create a new cultural landmark to replace a parking lot and long-vacated printing press building. Goldenfarb said the venue will create 250 full- and part-time jobs with a base pay rate starting at $20 an hour.

“As someone who wants to see the city thrive 12 months a year, I think a building like this will really help that,” he said. “I hope the surrounding businesses really feel a positive effect from this venue.”

It would be built on an unutilized parcel one block east of City Hall  where a separate hotel project is planned. The planning board last year approved a site plan for the hotel, the first phase of the Herald Square project at 385 Congress St. A development company that previously planned to build affordable housing at 244 Cumberland Ave. withdrew its application, according to city databases.

In addition to concerts, the music hall is expected to host comedy shows, community events and corporate meetings. The collaboration with Live Nation, which merged with the ticketing platform Ticketmaster, “will enhance the new space with access to top touring artists and deep operational and hospitality expertise,” according to Mile Marker Investments.

“We are thrilled to announce this venue and grow the market for live entertainment in Portland. We see it time and again when a venue opens: a new option means more shows, for more fans, generating more activity downtown. It is especially impactful for restaurants and hotels,” Don Law, New England chairman for Live Nation, said in a statement. “Likewise, we are so excited to have a local partner in Mile Marker Investments who will help us deliver a great addition to their hometown music scene.”

Plans for the venue include a classic marquee, a performance platform framed by a proscenium arch, exposed brick manufactured in Maine and glass doors that open into a retro lobby.

There is no parking proposed with the project, but Goldenfarb said there are hundreds of parking spots available at the nearby Top of the Old Port, in addition to nearby parking garages. He also believes people would use public transportation and ride share services to get to shows.