Coldplay, Tom Petty and Jay-Z will headline the new Pemberton Festival this summer in an event organizers hope will become an annual affair.

The big stars will perform along with nearly fifty other musical acts in the usually tranquil community of Pemberton, 155 km North of Vancouver and 32 km North of Whistler, from July 25 to 27.

Early-bird ticket prices start at $239.50 and go on sale March 28 for what concert organizers Live Nation Canada are calling the first European-style event they have started from scratch.

A wide open green space at the base of Mount Currie will be the home of the three-day-long concert, along with a campground and thousands of fans.

An estimated 5,000 people live in the area, and organizers are hoping 25,000 concert goers will attend.

Jessica Lutwick, a local resident, told CTV News the concert is a good idea.

"Not a lot of people know about Pemberton," she said. "We're kind of hidden up in the corner here. So I think it'll bring lots more people and money. It can nothing but good, I think, as long as everyone behaves themselves."

Another resident, Sandy Ryan, also thinks the festival is a good opportunity for Pemberton.

"I think this is a great opportunity for tourism," he said. "With the 2010 show coming up, this is kind of a precursor for us to handle some of the overflow."

But some people are concerned about damage to the area's pristine environment.

"To accommodate that many people, I just don't think this little town can really do it," said resident Brian Wilson.

The owner of Pemberton's only hotel, Sohan Gill, says he has already taken dozens of phone calls about the event but won't take reservations -- until he can figure out just how much his hotel rooms are worth to prospective guests.

"We'll sit down and see what we can do, what we can get out of it," he said. "It's going to be crazy up here."

Visitors could also stay in nearby Whistler, the concert's official website boasts, where there are dozens of hotels, restaurants and shops.

For more information about the festival, visit to the Pemberton Festival site.

With a report from CTV British Columbia's Sarah Galashan