A South Korean investor is teaming up on a single of North Texas’ most profitable blended-use redevelopments.
A unit of Hana Money has shaped a enterprise with California-based Regent Properties to recapitalize aspect of the 84-acre Legacy Central challenge in Plano.
The $300 million venture at U.S. Freeway 75 and Legacy Travel consists of almost 1 million square ft of buildings that at the time housed place of work and investigate operations for Texas Devices.
Los Angeles-based Regent Qualities purchased the former tech campus in 2016 and introduced ideas to repurpose the residence.
Together with the repurposed place of work properties, Legacy Central incorporates hundreds of new flats, retail area and place for a hotel.
Now Hana Monetary — a person of South Korea’s main investors — is signing up for the undertaking as portion proprietor to a building that residences a lot more than 1,000 staff for Samsung. The tech company consolidated functions at Legacy Central starting up very last calendar year.
“This is the next-most significant asset management agency in Korea,” said Regent Qualities CEO Eric Fleiss. “They certainly very considerably like the Korean tenant — Samsung.
“But they also actually like the job,” he said. “And they have finished other specials in and all around Dallas.”
Hana Fiscal was a person of the Korean traders that acquired greater part ownership of downtown Dallas’ AT&T tower on Commerce Street final yr.
The expense with Regent Properties in Plano involved a new financial loan offered by KEB Hana Lender of Korea.
“This is definitely a good endorsement of our venture,” Fleiss stated. He explained with specials in the operates, the present business properties at Legacy Central are more than 90% leased.
“We are now talking to a handful of tenants about opportunity build-to-fit assignments on our expansion web site,” Fleiss reported. “We are functioning with a resort operator, but it’s on hold provided the industry suitable now.”