Legacy West, the 250-acre mixed use development in Plano recently saw its first retailer open, and the residential component already is attracting new people to the area.
That has Invesco Managing Director Greg Kraus excited, even as work continues on the development that will include retail, dining, residential, hotel, and office spaces.
“The residential component is nearing 50 percent occupancy, while the overall project is still a construction site,” Kraus said.
Invesco has partnered with developer Fehmi Karahan, Columbus Realty Partners, and Open Realty on Legacy West.
The development’s first retailer, West Elm, has opened, and Kraus said more are expected to follow soon. West Elm sells furniture and other items for the home, and its opening is a sign that Legacy West is moving toward completion.
And, office tenants also are beginning to occupy space.
“We are very excited for the public to soon see the finished and fully-open project,” Kraus said.
For the past 17 years, Kraus has been at Invesco Real Estate, an arm of global investment management firm Invesco.
He leads Invesco Real Estate’s North American investment activities, overseeing the real estate transaction team as managing director of acquisitions.
Legacy West is an expansion of the 2,600-acre Legacy business park and is a prime example of Invesco’s philosophy: To seek to provide a capital solution across the risk spectrum for sellers, joint venture partners, and borrowers globally.
“We’re actively investing in core, value-add, and opportunistic real estate strategies, while also providing both mezzanine debt and preferred equity,” Kraus said.
Kraus, 2017 TREC chairman, has been involved in The Real Estate Council for about 17 years and has held various leadership positions including past stints on the board of TREC and its foundation. Last year, he was chairman of the foundation and vice chairman of TREC.
“A lot of my professional role at Invesco requires me to be out of town,” he said. “The ability to be able to ground myself in my community through an organization like TREC has been invaluable.”
Kraus, an SMU graduate, has been involved in the real estate community since Craig Hall of Hall Financial Group took a chance on him in 1983, hiring him to do property level due diligence and financial analytical work.