City Votes "No" On Irving's $173M Music Factory
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IRVING (CBSDFW.COM) - The City of Irving has decided on a $173 million project that could transform an empty lot into a massive business and entertainment district.
The Music Factory was recently stalled after concerns surfaced surrounding the recent string of smaller earthquakes in the area.
"Of course there were concerns. When you're a lender and invested in a $200 million dollar project, you're concerned about everything," said Rick Lazes, of ARK, the developer for the project.
Lazes said revisions were made to the contract that silenced earthquake fears. If the structure were to be damaged due to an earthquake, it is protected to be rebuilt.
"We're considering them in our construction techniques. So, we're building buildings that will survive those types of events," said Lazes.
The project promises to bring nearly half-of-a-million square feet worth of business, office and entertainment space to the area near State Highway 114 and the Irving Convention Center.
If approved, construction could resume in 30 days. Developers predict it would take 15 months to complete.
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