Phoenix Ballroom building hits the market for $4.3 million

The building at 401 S. Third St. downtown has “location, location, location” written all over it. Occupants can view nearby Magnolia Market at the Silos and River Square Center. A $100 million project along Lake Brazos will bring more retail shops, dining options and apartments to the neighborhood.

Embassy Suites and Hyatt Place will build within walking distance.

The public knows it as The Phoenix, and it is for sale priced at $4.3 million under the listing of Kelly Realtors’ Colt Kelly. It has played host to more than a thousand weddings, corporate events, proms and receptions since 2008, then fresh from a remodel courtesy of new owner Leslie Henry.

Now, Henry said she is ready for a new chapter. The building, with its high ceilings, hardwood floors and chandeliers, serves as her residence as well as her place of business. She lives in a high-end loft on an upper floor, and three other living units are available there.

She said she is not selling her enterprise, only the property.

“I’ve been doing this 12 years, and I’m ready to see what else life has for me,” Henry said. “I want to emphasize we will continue to have events here, though the building is now for sale. We have a wedding tomorrow.”

Henry said The Phoenix is not a COVID-19 casualty. The building can legally accommodate almost 600 people, but Henry said she has maintained a self-imposed occupancy limit of about 400 people. The pandemic caused her to trim that number significantly, but The Phoenix remains in use.

Touring the building as morning sunshine gently flowed through ground-floor windows, Kelly said The Phoenix has vast potential.

“Couldn’t you see multiple storefronts here? … You can’t get something like this anywhere right now.” he said.