Prescott says it’s still playing the grocer field

Though United Commercial Realty broker Jean Smith is “fully focused” on opening the 12th DFW Sprouts grocery store in the Lake Highlands Town Center, the project’s developer, Prescott Realty, says it isn’t as single-minded.

Prescott released this official statement after reading last week’s Back Talk blog post (and seeing the enthusiastic comments): “Sprouts has remained interested in Lake Highlands Town Center, but we [Prescott] are considering all alternatives to ensure the highest potential for a financeable project.”

A Prescott official says the company is trying to finalize its negotiations with the grocer anchor, without specifying which grocery store (or stores). The grocery store will be in the section of the project along Skillman between Walnut Hill and Sedgwick, and finalizing the grocer lease is the first domino that has to fall in order for the rest of the 70-acre retail-and-residential project to take shape.

As noted in Prescott’s summer press release, construction on the first block of 200 apartments should begin soon, and a Prescott official says it could begin as early as November. These first apartments will be built southeast of Sedgwick and Wildcat Way.

Posted by: Keri Mitchell on September 19th, 2011 in All Blog Posts, Development, Lake Highlands Town Center
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Longhorns4me

That’s what we need – more apartments – NOT!!
cbs

I get the feeling Prescott is destined to screw this up.
World Cup USA

Prescott is not screwing this up – Prescott has been screwed by the Great Recession as well as resulting changes in the way the real estate finance industry regards mixed use developments planned for marginal locations (I know Lake Highlanders don’t consider this a marginal location, but it is from a traffic count and “neighborhood reach” standpoint).
Luke Wickberg

If you LH to get better then we need apartments like the ones in uptown and the village.
Luke Wickberg

If you LH to get better then we need apartments like the ones in uptown and the village.
HCL

Sometimes the developers just don’t seem too bright. They should be doing everything they can to get Sprouts. Stop entertaining Tom Thumb. We will not be drawn to the LHTC for another – yawn – Tom Thumb. Or, scrap the town center and build new single family homes – there IS a market for that in LH. There IS NOT a market for nice apartments.
World Cup USA

HCL, it is very easy for folks to say what Prescott should or should not do when those same folks do not have millions of dollars of equity invested at a current 0% return for a much longer period than ever planned or anticipated. Nothing wrong with Lake Highlanders expressing their desires, but we’ll all need to accept that, in the end, Prescott will do what they have to do to salvage a bad investment. And, I daresay that a brand new prototype Tom Thumb like the one across from NorthPark Center would be the most popular and most traffiked grocery store in Lake Highlands except for maybe the Forest Lane Walmart. The people will come, no doubt!
HCL

You are absolutely right – it is my opinion. All I’m saying is Sprouts has expressed interest in LH (or at least I’ve read that a few places and assume it’s true) — not many businesses are interested in us. So, in my opinion, if you have something the community wants that wants the community back, do everything to make it happen instead of opening the 3rd TT in the area that would likely close the other 2 and cause more retail problems here. This of course is all assuming TT is the other grocer. I would love to see a Market Street there. They hopefully are thinking outside the box – talk to Alamo Drafthouse who were close to a deal in Casa Linda a few years back – work hard to get some things that would have Preston Hollow driving to us. Everyone has been hit by the economy – I just don’t think that’s a good enough reason to give up and plop in a TT, Big Lots and Rent-A-Center to fill space (I’m being sarcastic but you get what I mean).
HCL

You are absolutely right – it is my opinion. All I’m saying is Sprouts
has expressed interest in LH (or at least I’ve read that a few places
and assume it’s true) — not many businesses are interested in us. So,
in my opinion, if you have something the community wants that wants the
community back, do everything to make it happen instead of opening the
3rd TT in the area that would likely close the other 2 and cause more
retail problems here. This of course is all assuming TT is the other
grocer. I would love to see a Market Street there. They hopefully are
thinking outside the box – talk to Alamo Drafthouse who were close to a
deal in Casa Linda a few years back – work hard to get some things that
would have Preston Hollow driving to us. Everyone has been hit by the
economy – I just don’t think that’s a good enough reason to give up and
plop in a TT, Big Lots and Rent-A-Center to fill space (I’m being
sarcastic but you get what I mean).
dormand

Something that Lake Highlands is in dire need of is the vision, exccution, and vitality which can come only from us getting a critical mass of the “creative class” moving into LH.

These out-of-the-box thinkers recognize voids in our youth development infrastructure, have either: a ) seen successful implementations of sustainable programs elsewhere or b ) reseach to find the best practice processes for providing positive and healthy growth for the next generations.

It is essential if we hope to entice these in the creative class to move to LH that we have both a ) healthy sit down familiy restaurants and b ) great specialty food stores such as Sprouts, Central Market or Market Street which offer great fresh produce and other healthy foods.
KEH

The problem too is that there are NO businesses around here. West Village, Shops of Legacy, Mockingbird Station, etc all have traffic from area businesses for Lunch, happy hours and dinner. Sadly we have nothing like that around us to bring business.