In collaboration with property management firm Brookfield Asset Management, the Irving City Council, during its Jan. 25 meeting, approved a series of amendments to the development agreement, aimed at enhancing the city’s largest entertainment district. The proposed changes, totaling an estimated $6.3 million, include improvements to the plaza and outdoor stage, new signage, architectural graphics, and enhancements to storefronts of various tenant spaces.
Under the proposal, Brookfield can seek reimbursement for up to $25 million for improvements to key tenant lease spaces. The funding for this property investment will be derived from sales tax revenues generated by the Toyota Music Factory development.
Irving Mayor Rick Stopfer expressed excitement about the impending changes, stating, “Irving’s Toyota Music Factory is about to usher in a new era of entertainment for North Texas.” He highlighted the success of the current facilities, including the award-winning amphitheater and world-class entertainment, and anticipates that the redevelopment will elevate the overall visitor experience.
The proposed enhancements encompass the remodeling of storefronts and outdoor patios, including popular venues such as Mama Tried, Reservoir, and the former Green Gator location (View artist renderings). The plan also involves incorporating artwork and graphics to elevate the outdoor aesthetic, featuring permanent murals, rotating displays, and interactive concepts to enhance visitor experiences.
Assistant City Manager Philip Sanders expressed the city's enthusiasm for collaborating with Brookfield Properties to enhance the entertainment center. The improvements are expected to reinforce Toyota Music Factory's status as an iconic entertainment destination in the Dallas-Fort Worth (DFW) area.
Continuing to Invest in Irving Entertainment District
The Irving entertainment district has consistently exceeded lease requirements, with leased space surpassing occupancy goals and operating hours each week. Live performances and ticketed attendee counts have outperformed expectations, often exceeding four times the annual goal. Sales and mixed beverage tax revenues for fiscal year 2023 reached the highest levels since inception.
Recent additions to Toyota Music Factory include premier tenants like Kitchen 101, The Budlong Southern Chicken, and The Rayleigh Underground. The entertainment complex also houses professional offices, including the corporate headquarters of healthcare staffing solutions company Curative Talent.
“It’s exciting when the possibility for redevelopment arises in our city because it provides an opportunity to refresh and enhance properties in ways that maintain best-in-class venues and help keep our community a leader in all that we do,” said Beth Bowman, President and CEO of the Greater Irving-Las Colinas Chamber of Commerce and Irving Economic Development Partnership. “Toyota Music Factory is a treasured asset in our community and our region, and it plays a significant role in our city's economic development by supporting the value proposition we offer companies interested in calling Irving-Las Colinas home.”