That should be the top dollar price for an apartment in the inaugural round of Lake Highlands Town Center construction, according to the official press release Prescott Realty sent out this morning. The construction was reported earlier this week, and LHTC developer Prescott Realty has been been hoping to break ground for some time.
Here are the release’s highlights:
• The building will have 200 multi-family units and also 7,450 square feet of retail on the ground floor.
• The 200 apartments will “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 9- to 10-foot ceilings, as well as upgraded appliances and finishes.”
• People who live in the Town Center will have amenities such as “a clubhouse, modern fitness center, resort pool and outdoor dining areas made more enjoyable by views of the Town Center park and lake.”
• Each unit will rent for “market rates,” the release says, “which are expected to range from $950 to $1,950.”
The red rectangle is where Prescott Realty will begin its Lake Highlands Town Center construction.
• In the release, Prescott confronts the questions that have been circling over the project’s “affordable” units. Because the project is receiving TIF fund reimbursements, the City of Dallas requires that Prescott “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.” We wrote in more detail about what “affordable” means for the city’s TIF projects, including the Town Center, here.
• Unrelated to the affordable units is the conventional HUD loan that financed this project, which the release also mentions. In the case of the LH Town Center, HUD loans do not necessitate affordable housing, according to what the city has told us.
• The press release points out the “soft real estate market of the past five years,” and says that despite it, “Prescott has forged ahead building the infrastructure for Lake Highlands Town Center.” Vance Detwiler, president of Prescott Realty Group, says that the company is “excited to finally see the project go vertical after the completion of the horizontal portion of the project.” No doubt Lake Highlanders are right there with you, Detwiler.
When will it be finished, and what stores and restaurants will fill the bottom floor? Prescott didn’t say. But make sure to keep visiting lakehighlands.advocatemag.com for an upcoming contest that will let you give your best guess.
