Developers building Irving's long-awaited entertainment complex — the Music Factory — are seeking buyers or investors for the $175 million project. The 17-acre mixed-use project under construction in Las Colinas includes a 4,000-seat indoor concert hall, 8,000-seat outdoor amphitheater, 206,756 square feet of retail and restaurant space, and a 100,000-square-foot office building. An Alamo Drafthouse Cinema is also included in the ambitious development, which opens next year.
The development is next door to Irving's convention center on State Highway 114. Almost 97 percent of the project is leased to restaurants and office tenants. The city of Irving pledged more than $35 million in economic incentives to North Carolina developer ARK Group to build the Music Factory. Lazes said the Music Factory development is on schedule and construction is fully financed by SunTrust Bank. "We are just exploring a long-term plan," he said. The Music Factory is expected to draw 2.5 million customers a year, according to HFF. "This 410,376-square-foot mixed-use project, located in the heart of one of D-FW's largest employment centers, is currently under construction with a targeted grand opening in September 2017," HFF says in a brochure. "This new entertainment district is being created with the unparalleled support of the City of Irving in order to satisfy the dramatically underserved retail demand in Las Colinas."
Restaurants and bars announced for the project include Bar Sociale, Freshii, Gloria's, Granada Market, Grimaldi's, Kat's, Kabuki, Irish 9 Pub, Jam House, Joe Jack's Oyster Bar, Polo Lounge, Sambuca, Stream Disco, Studio 114, TCBY, The Hall Bar-b-q and Blues, Thirsty Lion, Uncle Gino's and Yard House. Irving-based Ethos Group has leased all of the office building portion of the development.
- Dallas Business Journal, September 22, 2016