June 14, 2007
Lake Highlands Town Center Receives Approval for Zoning and TIF Funding From Dallas City Council
Developer Prescott Realty Group announced that its Lake Highlands Town Center project received both zoning and Tax Increment Financing (TIF) approval from the Dallas City Council on Wednesday, June 13, 2007. Lake Highlands Town Center is located along Skillman and Walnut Hill Roads in Dallas, Texas.
"Today is a big day for Prescott and the Lake Highlands community," said Vance Detwiler, managing director and principal of Prescott Realty Group, the project's developer. "With zoning and TIF approval, we're moving forward with closing on the included properties the last week of June."
"This project promises to transform Lake Highlands and create a stronger tax base for Dallas, yet it would not have been possible without the leadership of Dallas Councilman Bill Blaydes, who worked tirelessly to bring the TIF District and redevelopment in Lake Highlands to life," Mr. Detwiler added.
Planned as a unique, mixed use transit oriented development (TOD), Lake Highlands Town Center will include 1.7 to 2.0 million square feet of retail, residential and office uses. The proposed Lake Highlands DART light rail station will be located at the northeast corner of the development. Structured public parking for DART riders, the "kiss and ride" drop-off, van pools and bus bays are also part of the proposed public improvements at Lake Highlands Town Center.
"Funding from public entities including the Skillman Corridor TIF is essential, due to the center's significant planned public spaces and the site's required demolition, dirt work and infrastructure," said Mr. Detwiler.
Citing unprecedented public/private partnership, Detwiler noted that partial funding has already been approved and more is under consideration from public entities such as the City of Dallas (infrastructure support in City bond package), DART (light rail station funding) and infrastructure funding support from Dallas County, and the North Central Texas Council of Governments.
Mr. Detwiler also affirmed Prescott Realty's commitment to build, not buy out, of the for-lease workforce housing in Lake Highlands Town Center. He explained, "By definition, true transit oriented development (TOD) has a broad range of housing options -- something to offer everyone -- and that's what we envision for this project."
"If additional approvals proceed as anticipated, the project's first phase - demolition, dirt work and infrastructure improvements - is expected to require 18-to-24 months to complete," Mr. Detwiler noted. "Phase Two, including the construction of the residential, retail and office, should follow completion of Phase One by an additional 12-to-18 months."
Lake Highlands Town Center will be a 69-acre, landmark destination centered on a pedestrian friendly "Main Street" promenade with shopping, dining and entertainment venues, all of which will be accessible via convenient on-street parking. More than 1,700 units of rental apartments, condominiums and for-sale housing will create a vibrant resident population. As a new focal point for Lake Highlands, the center will be surrounded by numerous public improvements and amenities, featuring a hike and bike trail which will run the length of the site alongside the proposed creeks, lakes and park areas and will ultimately connect to White Rock Lake to the south. Outdoor concerts and live theater performances will be possible in the proposed outdoor amphitheater overlooking beautifully landscaped green spaces. Tree lined streetscapes and sidewalks and restaurants overlooking the lakes will create a sense of place for people to meet and stay.
About TIF Districts
TIF districts are created to improve blighted or underdeveloped areas by leveraging public funds with private sector participation in order to increase property values and quality of life while boosting future tax revenues.
About Prescott Realty Group
Prescott Realty Group, developer of Lake Highlands Town Center, specializes in development of mixed-use, urban infill projects and infrastructure rich settings. Other current transit oriented developments include Mockingbird Central, a 20-acre urban infill project in Dallas just north of Mockingbird Station.
Prescott has worked successfully with several urban TIFs including State Thomas, Downtown Fort Worth, as well as Dallas City Center which led to private development in the targeted area and increased property values by approximately $630 million.
Prescott's active residential projects in the Dallas area include The Stoneleigh Hotel and Residences, Regent's Park and Newton townhouses in Uptown. Current commercial projects include the 6060 North Central Expressway building and Walnut Glen Tower. (www.prescottrealtygroup.com)