FORT WAYNE, Ind. (WANE) A Fort Wayne philanthropic equity firm has donated $500,000 to the city’s riverfront development project for naming rights for the South Dock Amphitheater.

The South Dock Amphitheatre is shown in the background of this rendering of the regional Riverfront Development Project. (City of Fort Wayne Parks and Recreation)

Ambassador Enterprises will invest $500,000 in the Park Foundation to receive naming rights for the 850-seat amphitheater. The slope of the river bank to the water will be shaped into large steps to provide seating and create an open-air venue for performances, entertainment, and sports.

Officials announced the donation Monday.

“This investment is an opportunity to demonstrate our commitment to this region and to the people that live, work, and play here,” said Arlan Friesen, President of Ambassador Enterprises. “We look forward to seeing Riverfront Park become a gathering place enjoyed by families and friends for generations to come.”

Parks & Recreation Director Al Moll said the investment will go a long way toward the creation of an enjoyable community gathering place.

“We appreciate Ambassador Enterprises’ generous investment toward making our new riverfront park a world-class destination,” said Moll. “We look forward to the day when we open the South Dock Amphitheater with a new name for residents and visitors to enjoy for years to come.”

Construction of the South Dock Amphitheater is scheduled to begin in July 2017 and project construction is expected to take 18 months.