East Village

East Village 2018-05-16T11:50:38+00:00

Project Description

EAST VILLAGE


EAST DOWNTOWN HOUSTON, TX

58%*
Projected IRR
8.7x*
Projected Equity Multiple
$32.8MM
Development Cost

*IRR & Equity Multiple shown are project level, before split between investors and sponsor.

*IRR & Equity Multiple shown are project level, before split between investors and sponsor.

East Village is CityLands’ latest redevelopment project in East Downtown Houston, a rapidly gentrifying arts and entertainment district. This assembly includes several land parcels with mid century industrial buildings that are being adapted and re-purposed as a restaurant, bar, distillery, and creative office spaces.

 The scale and location of East Village has created a unique urban district in the shadow of downtown, which is walkable to some of Houston’s finest public venues such as Discovery Green, George R. Brown Convention Center, Toyota Center, MinuteMaid Park, and BBVA Compass Stadium.

PROJECT MILESTONES


90%
Phase 1 was 90% pre-leased prior to closing significantly mitigating risk
100%
Phase 1 was 100% leased within 60 days of closing
50%
Phase 2 & 3 were acquired during leasing of Phase 1 at 50% of current market value after the success of Phase 1 was announced
$14.6
Tenant’s have invested a combined $14.6MM of their own capital for tenant improvements as part of long-term lease security

Chapman & Kirby is a refined gastro louge with private event capabilities, among their successes & current holdings: The Astorian, de Gaulle, Hughes Hangar & Christians Tailgate.. Drawing on the building’s prior history as an industrial space, the space features a “steampunk industrial” aesthetic, with antique mirrors, Edison bulbs, gold chains, and the reuse of various industrial fittings in fixtures.

Our/Houston, a Pernod Ricard brand, is a vodka micro-distillery and tasting room. Our/Houston’s local operators include some of Houston’s most renowned event and party organizers and the distillery with host private events daily. Pernod Ricard is a world leader in the spirits industry and it operates more than 85 affiliates and 100 production sites.

Truck Yard, one of Dallas’ premier bar and restaurant operators chose East Village for their first Houston location, which will include a 15,000 SF patio. Truck Yard was ranked as one of Yelp’s Top Daytime Hotspots nationwide and is also listed on Dallas Eaters “Essential Restaurant’s” list. Truck Yard combines honky-tonk, old dance halls and beer gardens all into one enjoyable crowd-friendly gathering place.

SeaSide Poke is one of Houston’s first Poke Bowl concept. Poke is a healthy Hawaiian staple of sticky rice topped with marinated raw fish. Imagine your favorite sushi roll deconstructed. SeaSide Poke features a build-your-bowl style menu of the freshest ingredients that will fill a major gap in Houston’s culinary experience.

Sorek Barbershop & Menswear is a high-end specialty barber shop designed by Michael Hsu. Founded by native Houstonian, Jason Gourd, Sorek will be a barbershop-menswear hybrid boutique, offering both retail and grooming services.

Sorek is scheduled to open in March of 2018.

Line/Expo Eastside Gastropub is an Izakaya-style gastropub serving inexpensive “tapas” (small plates) of Asian-fusion comfort food, alongside free-flowing hand-crafted cocktails. The vibe is welcoming and engaging, yet relaxed.

Rodeo Goat Ice house / Patio Bar serves the best house ground organic hamburgers and a large selection of beers. Rodeo Goat has won numerous burger battles and is rated the #1 burger in DFW.

Method Architecture is a growing, 40-person architectural firm providing services to commercial clients in the office, retail, healthcare, industrial, craft brewing, and energy industries.

The group responsible for highly acclaimed establishments: Coltivare, Eight Row Flint, and Revival Market will bring a new, multi-services concept to East Downtown. The concept will consist of a Pizzeria, Restaurant, Bar, and Private Dining and Banquet/Prep Kitchen.

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