MILWAUKEE — The curtain has closed on a potential new music venue in downtown Milwaukee.

The indoor complex would have held between 800 to 4,000 people and was potentially going to be built on a surface lot adjacent to Henry Maier Festival Park, otherwise known as the Summerfest grounds.

Milwaukee World Festival Inc. said it would not pursue the new venue for multiple reasons, but the company didn't clarify why.

“MWF will continue to focus on its core business of producing Summerfest presented by American Family Insurance, as well as providing our community with a full summer calendar of ethnic and cultural festivals along with special events,” officials said in a statement.

Wisconsin-based promoter and venue operator FPC Live released a joint statement with the festival.

“After a thorough process, we have determined that the site available near Henry Maier Festival Park is no longer under consideration for our proposed two-venue development in Milwaukee. We remain committed to developing this state-of-the-art project in Milwaukee, preparing the city for the next several decades of live entertainment, and we will announce more details in due time,” said Charlie Goldstone, President of FPC Live. “We remain dedicated to the Milwaukee live music landscape, we’re thrilled with our continuing partnership with MWF, and look forward to promoting concerts at the lakefront and throughout Milwaukee for years to come.”