Tuesday, April 24, 2012

Market Analysis


I pulled data for the demographics in the zip code 75202 where the property is located.  The data used is from year 2010. The information provided is deemed reliable but not guaranteed.

Age-
The data represents the percentage of people in the area within each age group.
Median Age 33.10
Age 0-5 1.75%
Age 6-11 1.33%
Age 12-17 1.82%
Age18-24 15.64%
Age 25-34 36.54%
Age 35-44 20.13%
Age 45-54 14.17%
Age 55-64 5.61%
Age 65-74 2.03%
Age 75-84 0.91%
Age 85+ 0.07%
     
Income-
Income Less Than $15,000  5.68%
Income $15,000- $24,999  7.61%
Income $25,000- $34,999  8.39%
Income $35,000- $49,999  13.16%
Income $50,000- $74,999  19.23%
Income $75,000- $99,999  16.77%
Income $100,000- $124,999  5.94%
Income $125,000- $149,999  7.23%
Income $150,000- $199,999  6.58%
Income $200,000 and over  9.42%
Median Household Income $69,715
Average Household Income $96,817
      

Education Level-
The data represents the percentage of people in the area over age 25 who have attained a particular education level.  
Did not complete high-school 13.33%
Completed High-school 19.15%
Some College 16.59%
Completed Associate Degree 8.65%
Completed Bachelors Degree 26.92%
Completed Graduate Degree15.36%


Sex-
Population Male 57.57%
Population Female 42.43%

Race-
White 69.14%
Black or African American 18.72%
American Indian and Alaska Native 0.28%
Asian 1.75%
Native Hawaiian and Other Pacific Islander 0.14%
Other 9.96%

Population Growth-
Change in population since 1990 and 2000 expressed as a percentage increase or decrease.
Total Population 1,426
Square Miles .29
Population Density 4,853.90
Population change since 1990 18.05%
Population change since 2000 68.56%
Forecasted population change by 2014 38.29%

Retail Sales Statistics-
Total Retail Sales (Including Food Services) $100,569,000


Competitors:
American Airlines Center-
The American Airlines Center is a fan friendly sports and entertainment venue. This venue has been awarded the top venue and top in ticket sales repeatedly over the last 10 years. The House of Blues Dallas continues to maintain because of the small niche they have in tapping into the demand for a more intimate experience.

Dallas Convention Center-
With over 729,000 square feet of space the Dallas Convention Center mainly hosts larger events, conferences, grand scale concerts, auto shows, and international conventions. The House of Blues Dallas has a different market of clients that desire a more intimate setting. With the exclusive entertainment contract that the House of Blues has with Live Nation having the same entertainment at both venues would not be a possibility. Also, being that the House of Blues Dallas is small they can book more entertainment throughout the year as opposed to the Convention Center.


Location:
Victory Park-
Located in the heart of Dallas at the intersection of Interstate 35, the North Dallas Tollway and the Woodall Rodgers Freeway, Victory Park strategically links the key districts of Uptown, Downtown Dallas, Turtle Creek and the nation’s largest urban Arts District. Other points of connection include the adjacent American Airlines Center, Dallas Convention Center, historic West End, Dallas Market Center and the scenic Katy Trail. 

Victory Park is a 75-acre neighborhood filled with options for sophisticated shopping, dining, entertainment and nightlife, yet only steps away from jogging trails like the Katy Trail and green spaces. Victory Park is in the heart of the “new Dallas” – an area on the west side of downtown experiencing tremendous growth and offering unprecedented promise for the future. More than $6.5 billion in new construction is now under development in Victory Park and the area surrounding it, from the gorgeous Calatrava Bridges to the Arts District and Woodall Rodgers Park to the Perot Museum of Nature and Science.

The Victory Park neighborhood is the crossroads for nearby urban districts, from Uptown to the Design District to the Central Business District and steps away from the DART commuter rail station and the Trinity Railway Express connecting Victory Park to Dallas, Fort Worth and beyond.

Today, Victory Park is one of the "greenest" developments in the country. More than 1,000 trees have been planted in the neighborhood and all of the electricity in Victory Park is purchased from providers generating 100% renewable energy.

Victory Station-
One of it's surroundings also includes Victory Station. Victory Station is served by DART Rail Green Line and Trinity Railway Express trains, as well as DART Rail Red Line and Blue Line special event trains. 

The location of this property make it a real good investment. Lots of pedestrians pass by the building on a daily/nightly basis. Within the proximity of luxury hotels such as the "W", shopping retail, infamous restaurants such as Hard Rock Cafe & Hooters,  and luxury condos such as "Cirque". The american airlines center brings in plenty of pedestrian traffic as well. Parking in this vicinity is insufficient but the nearby location of the DART system compensates this downfall tremendously. The DART system make accessibility to the are convenient and affordable. 

Sunday, April 22, 2012

Regulatory Analysis

Agriculture, Commercial and Business Service, Industrial, Institutional and Community Service, Lodging, Miscellaneous, Office, Recreational, Residential, Retail, Personal Service, Transportation, Utility and Public Service, Wholesale Distributions and Storage, and Accessory.
Entitlements

District: CA-2(A)
Sub- Division: PD 193
Perimeter: Downtown
Setbacks Front: 0'
Setbacks Side/Rear: 0'
Density: 20.0 FAR
Height: Any Legal Height
Lot Coverage: 100%
Special Standards: N/A
Primary Uses: All but the heaviest industrial uses


 Front Yard: No minimum front yard
Side Yard: 5 feet for duplex structures,10 feet for multifamily structures 36 feet or less in height no minimum in all other cases
Rear Yard: 10 feet for duplex structures,15 feet for multifamily structures 36 feet or less in height, No minimum in all other cases, Setbacks may be greater or lesser due to exceptions in the Dallas Development Code, exceptions include, but not limited to, platted building lines and more restrictive zoning district setbacks in the same block.
Dwelling Unit Density: No maximum dwelling unit density
Lot Size: Minimum lot area per dwelling unit is as follows:
1000 square feet for single family 
2500 square feet for duplex 
Multifamily measure by No bedroom - add 50sf, 1 bedroom - add 65sf, 2 bedroom - add 75sf, each bedroom over 2 - add 10sf
Stories: No maximum number of stories
Off-Street Parking: 1 space for each 2000 sf for new building or an addition to an existing building which exceeds 5000 sf, 1 space for each 2000 sf for Multifamily, No off-street parking is required for building with 5000 sf or less of floor area, 2 spaces for each dwelling unit in duplex, 2 spaces for each single family
Off-Street Loading: See Use Regulations for Off-Street Loading Requirements
Landscape Regulations: See Article X
Additional Provisions: Single family structure spacing: In this district, a minimum of 15 feet between each group of eight single family structures must be provided by plat

Deed Restrictions-
Could not find any deed restrictions for this property.
City is a Party:$350
Amendment:$900

Eminent Domain-
There is no reason for eminent domain to pose as a threat to this property. This property brings currently serve the public with entertainment and leisure purposes.


SEC. 8. ACQUISITION BY EMINENT DOMAIN.

 The city shall have the power through eminent domain proceedings to acquire any public utility operating with or without a franchise and furnishing a public service to the citizens of Dallas.  The procedure to be used in the acquisition of such property shall be that as set forth in Chapter 21 of the Texas Property Code, as amended, and other applicable state law.  In valuing the property, the measure of damages shall be the fair market value of the physical properties together with its franchise, if any, taken together as one system.  This power shall be in addition to and cumulative of any other powers of acquisition granted to or reserved by the city in a franchise ordinance. (Amend. of 11-8-05, Prop. Nos. 9 and 13)


SEC. 9. NO PUBLIC UTILITY PURCHASE WITHOUT VOTER APPROVAL.

 Prior to the purchase of any existing franchised public utility system, either according to the terms of the franchise or by eminent domain, the city council must submit the question of the purchase to the qualified voters of the City of Dallas, and the same must be approved by a majority of those voting in the election.

Building Permit/ Inspections-
 The fee calculator for remodel/renovation/finish-out ended up with the costs of $152,133.51 for the building permit.

Wednesday, April 18, 2012

The House of Blues Dallas

Good afternoon, morning, and evening to all those across the world who may read this blog. This is my first blog so be very considerate in your critique. I've been assigned my very first development project. You will get to see my progress step-by-step until my final presentation. This is a very new and unique project to me so I will try my best to start small.

Now that I have created a blog, I must choose a site to work with. The site can not be office, retail, apartments, or industrial. Geesh! Today I have been researching multiple sites available on LoopNet and one property has caught my eye, the "House of Blues" in Dallas,TX. I've been researching all that I can about this property and put together information from a variety of sources.


Property Description


The House of Blues Dallas originally opened in 2007 as a newly estabilished Victory Park development. The property was previously known as the historic White Swan Building in the 1920's when it housed a White Swan Coffee processing plant.


Isaac Tigrett founded the company with the love of the art form of "Blues". Isaac's goal was to introduce the world to the music of the rural south, including Blues, R&B, Gospel, Jaxx, and roots -based Rock & Roll.
The mission for the House of Blues is to create a profitable, principled global entertainment company.

About Live Nation Entertainment:

Live Nation owns, operates,has booking rights for and/or has an equity interest in 133 venues, including the House of Blues. They are the world's leading live entertainment ticketing sales and marketing company. They are one of the world's leading artist management companies. Live Nation currently has a 15 year lease with House of Blues Dallas that expires 04/30/2022. 

Attributes of the Property:
  • Consists of 61,876 sqft
  • Listed for $18,000,000
  • Two Story
  • Three Floors
  • Single Tenant Building
  • 1.12 Acres
  • Capacity 2,000 people  (1st Floor: 1,625 2nd Floor: 200 reception 3rd Floor: 450 reception)
  • Cap Rate 9.03%
  • Price/SF $290.90
  • Year Built 1913
  • Type of Ownership Fee Simple
  • Year 1 NOI $1,625,000
The "House of Blues" is listed as a Theatre/Preforming Arts use but, it has a lot of space to work with and can have multiple uses. Due to me not being a member on LoopNet, I'm limited to the amount of listing information I'm able to access. I need to find more information on this property. If I can't find any other sources with more data on this site I will need to find a new site to work with. Wish me luck!

Music Hall: First Floor




Restaurant 2nd Floor:



Lounges 3rd Floor: