After sitting dormant for more than a decade, Louisville Gardens could finally be getting new life. Mayor Greg Fischer announced Friday that a letter of intent has been signed with with River City Entertainment Group, LLC to redevelop it.The proposal is to turn the space into sound stages for film, music and digital production, to attract projects, like movies, to Louisville.CHECK OUT THE RENDERINGS - via Louisville Business First"The entertainment industry here is in our city. It's growing. With this project, we can help elevate this industry to the level of other signature industries that we have to attract more creatives and young people to our city," said Mayor Greg Fischer, "This historic sports and performance venue will become sound stages and work spaces for music, film, and digital production and home for our creatives and young people in this community to come here and experience their dreams and realize their dreams."The proposed project includes restoring the façade of the Louisville Gardens back to the original design of the Louisville Armory, restoring the balance of the exterior, the offices and upstairs black box theatre, and redeveloping the internal structure to construct sound stages, retail space, and a public museum that would highlight the cultural events that occurred at Louisville Gardens."It's not just film and TV that is important for the future of these facilities and what I see here in Louisville, but there's a lot of young people that use TikTok and Twitch, and it is an economy," said Tony Guanci, a principal with the River City Entertainment Group LLC, "Also for band rehearsal, a lot of times artists come to town and they're performing, but they need to rehearse someplace."If you didn't know, there have been some iconic concerts there in its heyday, like Queen in 1977, Frank Sinatra in 1987 and Metallica in 1989. It also hosted the Golden Gloves tournament with a young Muhammad Ali.In order to redevelop the space, next, LMG will negotiate the terms of the agreement. They will lay out a timeline for structural and environmental developments related to the building to determine the estimated costs, as well as the assessment of community benefits and the availability of incentives.River City Entertainment Group said it approached LMG with their idea after learning about productions taking place in the state and 502 Film, a nonprofit that connects visiting productions with resources in the greater Louisville region. "The entertainment industry in Louisville is small but robust. This production space will fill a needed gap, allowing the industry to grow to new heights," Guanci added.More on history of Louisville GardensThe iconic venue opened in 1905, but it was originally the Jefferson County Armory. At that time, it housed a swimming pool, rifle range, offices and a gym on the second floor.It become such a popular place for public events, that in 1923 a new cavalry drill hall was built so that military personnel still had space to use.Then in 1963 is when the venue got a nearly $2 million facelift, converting the drill hall into a 5,000-seat arena and making over the front façade. This is how most people in Louisville remember the venue. In 1980, it was added to the National Register of Historic Places.But over the years, Louisville Gardens was the backdrop to many big names in music. The last concert to be held at Louisville Gardens was none other than the local band My Morning Jacket. That show was on Nov. 22, 2006.Another big name that passed through the Gardens during its heyday was Mr. Rogers. Watch footage from his stop in Louisville below: