Here is a paper I wrote on Legacy Development for my MBA course at UMKC that those interested in commercial property management might find interesting. (Also check out my article for BiggerPockets on commercial property management for more.)
History and Business
Legacy Development is a commercial development and asset management company that was originally founded as Red Development in Phoenix, Arizona in 1995. For the first 20 years of its existence, it had dual headquarters in both Phoenix, AZ and Kansas City, MO. Indeed, at one time, it had upwards of 250 employees.
Today, it has consolidated its operations and only the Kansas City headquarters remains as well as about one-fifth as many employees. Legacy Development has also faced a few problems in the past few years. For example, in 2017, an audit found there was a conflict of interest in the renovation of the Ward Parkway Center at 8600 Ward Parkway Blvd in Kansas City, MO. Over $1.2 million was paid out without a bid process.
Despite this setback, the Ward Parkway Shopping Center won the Capstone Award in 2018 for greatest community impact. Legacy Development also won the Capstone Award in 2017 for the Truman Marketplace, which Legacy redeveloped and currently manages.
Legacy Development has two divisions of its business; the development side and the asset management side. Rarely do these two arms intersect, although Legacy’s management division often manages properties that Legacy’s development division either built or renovated. For example, Legacy Development added an expansion to the Ward Parkway Center referenced above. After the renovation, Legacy’s Management Division took over management of the property.
The vast majority of Legacy Development’s projects are located in the Kansas City Metro Area although the company does have a few outside of that area including one in Daytona, Florida and another in Basalt, Colorado.
Most of the information in this paper was provided by Legacy’s website (www.LegacyDevelopment.com), The Kansas City Business Journal and an interview with Legacy Development Media Representative Dave Claflin. Claflin’s recommendation for anyone who wants to get started in commercial property management is to work for another company first and foremost. That very will may include starting on the first rung. But it’s just generally not possible to start a commercial property management company on your own or even be hired as a manager without first being an assistant or leasing agent.
The key facts for Legacy Development, as of March 15th, 2019 are as follows:
Legacy Development is focused almost exclusively in the Kansas City Metro Area and almost exclusively on Retail; or more precisely, Mixed-Use Retail. Legacy is not generally looking for a standalone Walgreens or gas station or retail property such as that. Instead, their primary market includes mixed-use retail-focused developments. Their largest projects (asset management) include:
Marketing (for Clients)
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The Righteous Mind
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