Retro Fitness has opened its first clubs under Project Lift, a new company initiative to open 500 health clubs in 50 Black and Brown communities across the country over the next five years. BlackRock’s Impact Opportunities Fund and James Collins, managing partner of Eastwood Capital Partners, together have committed to developing a minimum of 80 new Retro Fitness Health Clubs in four different regions in the country, the first of which are now open in Dallas, Texas.
“We are excited to partner with James Collins on our Project LIFT initiative and to announce the first four new health clubs in Dallas, Texas,” said Andrew Alfano, chief executive officer at Retro Fitness. “This investment is the largest development deal in the history of the company, more importantly we are proud that it is about making a significant difference and giving back to Black and Brown communities.”
Retro Fitness is looking to incentivize others to take this journey with them. Project Lift investors will benefit by receiving a waived franchise fee and 50% off year one royalties. Additionally, Retro Fitness will be donating a percentage of its royalties back to an organization within the community for the life of the business. This initiative further supports Retro Fitness’ commitment to making a lasting, profound impact on the health club industry and the communities in which they serve.
“It has been extremely gratifying working with the Retro Fitness team and seeing the first health club locations under its Project Lift initiative come to life,” said James Collins, managing partner at Eastwood Capital Partners. “I’m excited to see the positive impact we make with these first locations in the greater Dallas area, and I’m even more excited to continue my partnership with the Retro Fitness team as we open more health clubs for local communities to benefit from, in more ways than one.”
The first four locations are now open in the greater Dallas area: 2524 North Galloway Ave., Mesquite; 7989 Belt Line Road, Dallas; 1301 E. Beltline Road, Richardson and 3265 Broadway Blvd Suite 102, Garland.
