Prescott Realty Group has begun construction on the first phase of Lake Highlands Town Center by breaking ground on a 200-unit, multi-family development that will also include 7,450 square feet of retail. Throughout the soft real estate market of the past five years, Prescott has forged ahead building the infrastructure for Lake Highlands Town Center and now welcomes the beginning of vertical construction. Prescott is co-developing Lake Highlands Town Center with its equity partner, Austin-based Cypress Real Estate Advisors, Inc.
Lake Highlands Town Center’s phase one, mixed-use development will include a combination of one-, two- and three-bedroom units sized from 505 to 1,250 square feet. The project’s modern units will also feature nine- to 10-foot ceilings, as well as upgraded appliances and finishes. Amenities will include a clubhouse, modern fitness center, resort pool and outdoor dining areas made more enjoyable by views of the Town Center park and lake.
Financed by a conventional HUD loan, the units will rent for market rates which are expected to range from $950 to $1,950. In creating the Tax Increment Financing District (TIF), the City of Dallas required that the project set aside 20 percent of the units for work force housing, to be made available to people such as entry level teachers, firemen, police officers, private sector employees and entrepreneurs who earn 80 percent of the median income.
“The new multifamily development will be a great addition to, not only the Town Center, but also the community as a whole. We are excited to finally see the project go vertical after the completion of the horizontal portion of the project,” said Vance Detwiler, president of Prescott Realty Group.
“The project’s location in the center of the Lake Highlands area is second to none. The property is within walking distance of the DART rail stop at the Town Center and is adjacent to the White Rock Hike and Bike Trail,” said Taylor Stone, managing director for Prescott who oversees the multifamily group.
Lake Highlands Town Center is envisioned as a gathering place and entertainment venue for the neighborhood. The 20-acre park that will enhance Lake Highlands Town Center will feature public art, jogging trails, a large lake and an outdoor amphitheater ideal for concerts.
Approximately 1,200 residences, 220,000 square feet of retail and 30,000 square feet of office space can ultimately be constructed on the 70-acre site.