Live Nation, the music promoter behind the 02 in Dublin, is planning a third concert venue for the capital.

Chief executive Mike Adamson said the venue will seat between 2,000 to 4,000 people, but will be "more intimate" than current touring arenas. The new venue might also be commercially sponsored in the same way as the 02.

"I am looking at a few locations around Dublin. It will be more intimate than the 02, and will focus on attracting up-and-coming bands, which there is a huge demand and market for at the moment. It will be a different sort of venue than the others," he said.

The plans are in initial stages, and all locations being looked at are in the city centre.

Adamson has overseen the completion of the new Grand Canal Theatre in Dublin, which will seat over 2,000 people. It is due to open in four weeks' time with a performance of Swan Lake by the Russian State Ballet.

Over 80,000 tickets have been sold for upcoming performances there.

"This theatre has been a long time coming. The concept for it first came into my mind around 1992. It is only over the last few years that, in tandem with the Dublin Docklands Authority, the project gathered momentum, and now is finally complete. It is a major cultural enhancement for Dublin, and the line-up for the year is extremely diverse," he said.

Adamson said he attempted to stage theatrical productions in the 02, which were not suited to the venue.

"It just didn't work – the size of the stage or the amount of seats. We tried it out a few times and I just ended up cringeing watching it. This is a much needed addition, and will attract a lot of cultural attention back to Ireland."

Meanwhile, Adamson is also lining up a new performing arena in Cork, and said he is "up and down from Dublin to Cork" almost every weekend flitting between projects.

"I am in serious talks with one particular developer, and things are looking good for the new arena in Cork. I am very positive about it, and I expect it to be completed in two-and-a-half years.

"It was put on hold there for a while due to economic difficulties."

The Cork venue will seat over 6,000 people and Live Nation is hoping to "link up with local companies" in order to integrate the new venue.