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:

 

House of Blues Listing
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4 comments:

  1. ramsireApril 24, 2012 at 1:28 PM

    Great find!! I had no clue the house of Blues was that big. The fee calculator from the Dallas City Hall is a convenient tool to have.

    ReplyDelete
  2. Nicole SimmermanApril 27, 2012 at 5:41 PM

    I like your site choice - inspires lots of exciting ideas. Do you know why HOB is for sale? It seems like a popular venue that brings in national talent. You said this is your first blog; I think you did a great job blogging. I'm new to it too. I like how you linked the website in your text.

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  3. James SmithApril 27, 2012 at 9:03 PM

    I really liked how easy it was to follow your blog. Great job on the prestentation. HOB must have been an entertaining property to have as an development project.

    ReplyDelete
  4. richardApril 27, 2012 at 10:17 PM

    Your project is really unique. I like your research and great photos. Great job on your first blog.

    Richard

    ReplyDelete

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