Irving Council Greenlights $30M Incentive For Toyota Music Factory Renovations
Irving City Council approved a $30M incentive to fund improvements at Toyota Music Factory with the hope of boosting business six years after the venue debuted in Las Colinas.
Sales tax generated within the city-owned development will be used to reimburse the operator, Brookfield Asset Management, for upgrades made to the plaza, stage area, storefronts and outdoor patios, according to city documents.
Last year, the Toyota Music Factory generated $1M in sales tax revenue, Assistant City Manager Philip Sanders told the council. The upgrades are intended to make the venue more competitive in the market, he added.
“[The developer] would only be eligible for reimbursement as the property generates additional revenue,” Sanders said.
The $180M facility opened at 316 W. Las Colinas Blvd. in 2018 but has struggled with ticket sales and retail vacancies. Brookfield took over as operator in 2022.
The incentive will pay out about $1M per year, which means it will take 30 years for Brookfield to be fully reimbursed, Mayor Rick Stopfer said.
Toyota Music Factory held 167 ticketed events in 2023, down from 254 in 2022, per city documents.
Some Irving-area residents thought it was too soon for a multimillion-dollar renovation.
“That’s a lot of money to spend on a structure that’s six years old in hopes that more people will come,” Emma Petty told the council.
The venue includes a 4,000-seat indoor concert hall, an 8,000-seat outdoor amphitheater, 207K SF of retail and restaurant space, a 100K SF office building and a movie theater.
The council voted unanimously to fund the renovation.
“Their approval today represents an important first step to advance our vision to take the Toyota Music Factory to new levels,” Brookfield Senior Vice President Chase Martin said in a statement to the Dallas Morning News. “Brookfield has a proven track record of reimagining community destinations, and we are honored to be the trusted partner to move this project forward.”
