Admiral Legacy Investments
Ese Aihie is president and CEO of Admiral Legacy Investments.
Mansfield leadership is pushing for transformation in the city, and
Admiral Legacy Investments’ upcoming development could be a
massive leap forward.
Admiral Legacy is planning to develop 240,000 square feet of
office space in Mansfield, called The Mansfield Innovation
Community, or The MIC, which will serve as the epicenter of the
Mansfield Innovation Corridor. The city is investing heavily in the
deal, intent on fostering significant industry growth in the
community.
The parcel that will become the Mansfield Innovation Community is
located at Heritage and Regency Parkways. The city is allocating
the property, which is owned by the Mansfield Economic
Development Corporation, for the project.
The first phase of the development will include a 150,000-square-
foot building, followed by a 90,000-square-foot building. On build-
out, the project will feature Class A+ offices/collaborative space,
retail and corporate residences together with parks, trails,
education, an innovation hub and corporate headquarters.
“Imagine 100 businesses coming into the city of Mansfield because
you have this space,” said Ese Aihie, president and CEO of Admiral
Legacy Investments.
While it’s too early to name names, the city and Admiral Legacy are
working to partner with public higher education institutions to set
up space in the upcoming development.
Admiral Legacy’s portfolio includes a project called Venture X at
Castle Hills, located in Lewisville. Venture X is a co-working and
flexible space focused on collaboration, and to date the space is
over 90% occupied.
Through that project, the firm has knowledge about how to run
space for budding companies. Admiral Legacy is going to act as
the developer and operator for the MIC.
“There are over 70,000 startups in the U.S. today, so imagine
hundreds of thousands of founders looking to grow their business,”
she said. “The beauty about doing that is you’re able to retain
community founded startups. That’s what the MIC is going to be
able to do.”
The city is backing the project in a big way. On top of selling the
property, the city is dishing out a cash grant for infrastructure
improvements to the tune of $7.5 million. The project is located in a
TIRZ and the city has a master lease agreement for 50% of the
space. This will help the project get construction financing, said
Jason Moore, Mansfield Economic Development Corporation
Executive Director.
“Immediately upon finishing the schematic design, we will be
marketing this building and looking to secure tenants,” he said.
If the underwriting requires $36 a foot in rent, but the market can
only bear $26-per-foot the city will backstop the amount for 10
years, decreasing 3% each year.
The city’s vision for the space is a mix of different uses, with a
focus on biotech, life sciences, healthcare and incubation space.
The idea is to create a Class A office market that doesn’t currently
exist in Mansfield.
“(It’s) creating this space where seed companies or startup
companies can have a place to come create prototypes and build
their company from the ground up,” said Rachel Bagley, director of
Marketing and Innovation at the Mansfield Economic Development
Corporation. “Hopefully, we keep them in Mansfield.”
Admiral Legacy is currently seeking and evaluating a potential
capital partner on the deal, Aihie said. The MIC Project is expected
to break ground in the Spring of 2024. Phase 1, which includes
Class A+ offices, will be open by the summer of 2025.
Dallas-based Hoque Global is gearing up for a significant mixed-
use project in downtown Mansfield. The firm is planning a $50
million mixed-use development along Smith Street, complete with
249 residential units, including live/work units, a minimum of
11,700 square feet of office, retail and restaurant space and 7,800
square feet of civic plaza space.