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GlobeSt.com EXCLUSIVE: Legacy Starts in Texas With $30M-Plus Project

IRVING, TX-Legacy Partners Residential Development will close Friday on the first of four development sites in Texas. The first project to rise will be the 258-unit Delano, ticketed for 4.3 acres on the doorstep of a future light-rail station in the Urban Center.

By Connie Gore | Updated on December 14, 2005

(To read more on the multifamily market, click here.)

IRVING, TX-Legacy Partners Residential Development Inc. is closing on a 4.3-acre site to develop its first project in Texas: the 258-unit Delano. The $30-million-plus development, being funded Friday, will have a front-row seat for a planned light-rail station in the Las Colinas Urban Center.

“This was the best site left in the Urban Center,” says Garry Gibbons with Prime Income Asset Management Inc., who brokered the land sale to Legacy’s Texas partner, Spencer Stuart Jr., a veteran developer with a longstanding penchant for Las Colinas projects. Bought for roughly $12 per sf, Legacy’s site is bounded by Lake Carolyn Parkway, Riverside Drive (formerly Rochelle Drive) and O’Connor Boulevard.

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