Restaurant tenants at Sylvan Thirty won’t have to pay rent for April, May or June.
Kessler Park neighbor Brent Jackson, whose company, Oaxaca Interests, owns the development, says he started thinking about what to do before COVID-19 became a crisis here.
“We saw what happened in China and took it seriously. We’ve been stress testing projections to find creative ways that allow us to still be solvent and cash flow positive, but also to help out,” Jackson told the Dallas Business Journal. “We felt that this was going to take more than 30 days to get through. If we can get through the pandemic in the next few weeks, the financial recovery could take a full 90 days. We don’t want to go back through this every month. It would be counterproductive and gets in the psyche of our tenants.”
Jackson and his partners decided to give food-related tenants three months of free rent.
The development’s tenants include grocery store Cox Farms Market as well as locally owned restaurants that are still open for takeout: Coopers Meat Market and Cibo Divino, Whisk Crepes, Bahn Mi Station, Ten Ramen, Shayna’s Place, Houndstooth Coffee and Tacodeli. Austin-based Juice Land closed its Sylvan Thirty location temporarily, along with 22 other stores in Texas.
Even Pink Pedi is still in business, although they can’t do nails right now, making face masks and hand sanitizer.
Oaxaca interests is giving the businesses free base rent, but they still have to pay “triple net,” insurance, taxes and maintenance, which is standard for commercial leases.
“The goal was for tenants to step up, and they have,” Jackson told the business journal. “They’ve become even more collaborative than before and the bond that binds them is nothing short of spectacular.”