Throw Back Thursday: ZACH Theatre
In this edition of TBT we take a look back at the ZACH North project in 2019
ZACH creates exceptional theatre experiences that inspire and engage the Austin community. They wanted to reach the North Austin audience and open a teaching theatre. As a non-profit ZACH faced some challenges in market rents and sites that were just right for their target demographic. We searched all over North Austin until finally landing in the Homestead center.
INSIDE THE DEAL: TENANT MIX IS KEY
ZACH found a perfect tenant mix with families encouraged to spend time shopping at other spaces like Barnes & Noble and Bricks & MiniFigs. Recently, the space next door was leased by a yoga and wellness brand which has been a great neighbor to have after drop off go get your workout on! For a majority of my clients, finding second gen space is a top priority. This also allows us to avoid, what I call the "rookie tenant mix," where you'll often find the lineup is always in flux businesses coming and going in the initial five years of a center opening.
DIRECT LANDLORD DIALOGUE
The local landlord owns and manages over 1MM square feet of retail in Austin. We had a feeling the knew of ZACH and it's important place in the community. When the chance to meet ownership was right, we made the ask. It paid off, the landlord understood ZACH is a non-profit and we negotiated a well below market rent structure.
BUILD: ON TIME AND ON BUDGET
I was fortunate to assist the build of the space. With my experience and connections to construction trades, we were able to be moved in before the abated rent period was over and the space was full of kids learning in a matter of days.
Today, ZACH is thriving in their north teaching theatre and considering adding more space. I am always humbled when a client asks me to work with them again years later.
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