TECH-FUELED FUN

Virtual reality theme parks set to beam into Houston area

A real estate company is on the hunt for space in Houston for a virtual reality theme park. Photo courtesy of Legend Heroes

Coming soon to a vacant retail store near you: an indoor virtual reality "theme park" being planned by a company based in Singapore.

D. Legends Holdings Pte Ltd. has hired a New Jersey real estate brokerage, R.J. Brunelli & Co. LLC, to scout the Houston and Dallas-Fort Worth areas for shuttered retail spaces — like former Toys R Us stores — to house virtual reality entertainment centers.

It's part of the rollout of the Singapore company's Legend Heroes Park concept in major U.S. metro areas, the brokerage says in a release. Aside from Houston and DFW, those markets include Boston, Chicago, Denver, Las Vegas, Los Angeles, New York City, and San Francisco.

Capitalizing on technologies such as virtual reality, augmented reality, holograms, and motion tracking, Legend Heroes Park enables customers to immerse themselves in next-generation attractions such as rides, arcade games, entertainment, and sports like football and archery.

The first Legend Heroes Park opened recently in Macau, a casino and mall mecca off the coast of China.

In the U.S., R.J. Brunelli is focusing on old retail spaces measuring 30,000 to 40,000 square feet — roughly the size of an average Best Buy or Bed Bath & Beyond store — to house the high-tech parks, it says. The overall ceiling height must be at least 16 feet, with 40 percent of the space accommodating rides 32 feet tall or more.

The real estate broker is on the hunt for vacant stores or abandoned floors at regional malls, as well as empty big-box stores outside regional malls or at major retail centers. It's also considering warehouses close to malls or entertainment complexes.

"At a time when many mall operators are struggling to fill vacant department store spaces, Legend Heroes Park offers a unique entertainment destination … aimed at people of all ages," Julie Fox, manager of new tenant representation at R.J. Brunelli, says in the release. "In particular, the flexible concept presents a compelling alternative for properties desiring to present new options that can potentially bring back millennials who have shied away from malls in recent years."

Representatives of R.J. Brunelli couldn't be reached for comment.

With its Legend Heroes Park venture, D. Legends Holdings is hoping to ride the virtual reality wave. According to one forecast, the global market for virtual and augmented reality is expected to reach $571.4 billion by 2025.

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This story originally ran on CultureMap.

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Building Houston

 
 

this one's for the ladies

Texas named a top state for women-led startups

A new report finds that the Lone Star State is ideal for female entrepreneurs. Photo via Getty Images

Who runs the world? According to Merchant Maverick's inaugural Best States for "Women-Led Startups'' study, Texas is a great place for women to be in charge.

The Lone Star state cracked the top 10 on the list, earning a No. 6 spot according to the small business reviews and financial services company, which based the study on eight key statistics about this growing segment of the economy. Colorado (at No. 1), Washington, Virginia, Florida, and Montana were the only states to beat out Texas on the rankings—leading the Merchant Maverick team to conclude that "the part of the country that lies west of the Mississippi is great for startups led by women entrepreneurs."

Women-led startups in Texas received $365 billion in VC funding in the last five years, the report found. This is the seventh largest total among U.S. states. Too, about 20 percent of Texans are employed at woman-led firms, which is the fifth highest percentage among states. Roughly 35 percent of employers in Texas are led by women.

A few other key findings that work in female founders' favor: The startup survival rate in Texas is nearly 80 percent. And a lack of state income tax "doesn't hurt either," the report says.

Still there are shortcomings. On a per capita basis, only 1.27 percent of Texas women run their own business. The average income for self-employed women is also relatively low ranking among states, coming in around $55,907 and landing at 31st among others.

This is not the first time Texas has been lauded as a land of opportunity for women entrepreneurs. A 2019 study named it the best state for business opportunities for women. Houston too has proven to support success for the demographic. The Bayou City was named in separate studies a best city for female entrepreneurs to start a business and to see it grow.

Still, as many findings have concluded, the realities of the pandemic loom for all startups and small business owners. The Merchant Maverick study was careful to add: "The pandemic has changed the economic landscape over the past year, and often for the worse.

"This means that not every metric may be able to accurately gauge how a state might fare amidst the pandemic," the report continues. "To help factor in COVID's impact, we included some metrics that take 2020 into account, but it will be a while until we get a full picture of the pandemic's devastation.""

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