Toyota music plant in Irving could soon have a new owner
A national real estate investor is pending to become the new owner of Toyota Music Factory in Las Colinas.
Real estate sources confirm Irving’s 17-acre mixed-use development, which includes the 50,000-square-foot events plaza, multiple restaurants (Yard House, Bar Louie, Gloria’s Latin Cuisine), Mamma Tried Bar, an Alamo Drafthouse Cinema and the 8,000-capacity outdoor pavilion, where artists such as the Barenaked Ladies, Third Eye Blind and the Backstreet Boys are set to perform this summer, will be purchased by national real estate firm Brookfield Partners in under a deal that would close this week.
The transaction would also include the AvidXChange Music Factory in Charlotte, North Carolina, according to multiple sources familiar with the deal.
Noah Lazes, chairman of ARK Group and developer of the property, declined to comment on the impending sale due to a confidentiality agreement.
Irving City Council unanimously approved the sale of the Toyota Music Factory at its May 17 meeting, according to a city spokesperson. The transaction first appeared on the May 5 executive session agenda. A request for public information by CEO submitted on May 10 has not yet been completed.
The Toyota Music Factory was developed through a public-private partnership by Charlotte, North Carolina-based The ARK Group, which signed a Framework Agreement with the City of Irving in the summer of 2013. In the agreement, Irving owns the land and buildings but granted Lazes and The ARK Group a 99-year agreement to operate, lease and promote the facility. The band ARK has partnered with Live Nation to operate and book the concert venue.
After several delays, including a lengthy legal battle with original developer Billy Barnett (formerly of Billy Bob’s Texas in Fort Worth) and a series of earthquakes in mid-2015 that delayed construction of the site and forced the city of Irving to buy earthquake insurance. , the Toyota Music Factory officially opened in September 2017, welcoming ZZ Top as its first act.
After-hours calls and emails to the City of Irving, Greater Irving-Las Colinas Chamber of Commerce and Brookfield seeking comment were not immediately returned Monday.
Global asset management firm Brookfield has $725 billion in assets under management worldwide. Its real estate subsidiary, New York-based Brookfield Properties, owns several logistics, commercial and multi-family properties in the metro, including The Wilson, The Merc and The Element.
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Brandon J. Call is the editor of CEO magazine. An award-winning business and data journalist, Call has previously served…